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प्रश्न
Pass necessary Journal entries relating to the issue of debentures for the following:
(a) Issued ₹ 28,000; 10% Debentures of ₹ 100 each at a premium of 15% redeemable at par.
(b) Issued ₹ 30,000; 10% Debentures of ₹ 100 each at a premium of 10% and redeemable at a premium of 15%.
(c) Issued ₹ 80,000; 10% Debentures of ₹ 100 each at par repayable at a premium of 10%.
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उत्तर
Journal
|
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
(a) |
Bank A/c (280 debentures × 115) |
Dr. |
|
32,200 |
|
|
|
To Debenture Application and Allotment A/c |
|
|
|
32,200 |
|
|
(Application money received) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debenture Application and Allotment A/c |
Dr. |
|
32,200 |
|
|
|
To 10% Debentures A/c |
|
|
|
28,000 |
|
|
To Securities Premium Reserve A/c |
|
|
|
4,200 |
|
|
(280; 10% Debentures issued at a premium of 15%) |
|
|
|
|
|
|
|
|
|
|
|
|
(b) |
Bank A/c |
Dr. |
|
33,000 |
|
|
|
To Debenture Application and Allotment A/c |
|
|
|
33,000 |
|
|
(Application money received) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debenture Application and Allotment A/c |
Dr. |
|
33,000 |
|
|
|
Loss On Issue of debentures A/c |
Dr. |
|
4,500 |
|
|
|
To 10% Debentures A/c |
|
|
|
30,000 |
|
|
To Securities Premium Reserve A/c |
|
|
|
3,000 |
|
|
To Premium on Redemption of debentures A/c |
|
|
|
4,500 |
|
|
(300; 10% Debentures issued at a premium of 10% and redeemable at a premium of 15%) |
|
|
|
|
|
|
|
|
|
|
|
|
(c) |
Bank A/c |
Dr. |
|
80,000 |
|
|
|
To Debenture Application and Allotment A/c |
|
|
|
80,000 |
|
|
(Application money received) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debenture Application and Allotment A/c |
Dr. |
|
80,000 |
|
|
|
Loss On Issue of debentures A/c |
Dr. |
|
8,000 |
|
|
|
To 10% Debentures A/c |
|
|
|
80,000 |
|
|
To Premium on Redemption of debentures A/c |
|
|
|
8,000 |
|
|
(800; 10% Debentures issued at par and redeemable at premium of 10%) |
|
|
|
|
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संबंधित प्रश्न
Short Answer Question
What is meant by ‘Issue of debentures for Consideration other than Cash’?
B.Ltd. purchased assets of the book value of Rs 4,00,000 and took over the liability of Rs 50,000 from Mohan Bros. It was agreed that the purchase consideration, settled at Rs,3,80,000, be paid by issuing debentures of Rs 100 each.
What Journal entries will be made in the following three cases, if debentures are issued: (a) at par; (b) at discount; (c) at premium of 10%? It was agreed that any fraction of debentures be paid in cash.
ABC Ltd. issued 40,000; 10% Debentures of ₹ 100 each at par for cash payable in full along with the application. Applications were received for 60,000 debentures . Debentures were allotted and excess application money was refunded. Pass Journal entries in the books of the company.
Raj Ltd . issued 5,000; 8% Debentures of ₹ 100 each at a premium of 5% payable as follows:
₹ 10 on application ; ₹ 20 along with premium on allotment and balance on first and final call.
Pass necessary Journal entries.
Deepak Ltd purchased furniture of ₹ 2,20,000 from M/s. Furniture Mart. 50% of the amount was paid to M/s. Furniture Mart by accepting a bill of exchange and for the balance, the company issued 9% debentures of ₹ 100 each at a premium of 10% in favor of M/s. Furniture Mart.
Pass Journal entries in the books of Deepak Ltd.
'Sangam Woollens Ltd.', Ludhiana, are the manufacturers and exporters of woollen garments. The company decided to distribute free of cost woollen garments to 10 villages of Lahaul and Spiti District of Himachal Pradesh. The company also decided to employ 50 young persons from these villages in its newly established factory. The company issued 40,000 Equity Shares of ₹ 10 each and 1,000, 9% Debentures of ₹ 100 each to the vendor for the purchase of machinery of ₹ 5,00,000. Pass necessary Journal entries.
Bright Ltd. issued 5,000; 10% Debentures of ₹ 100 each on 1st April, 2015 . The issue was fully subscribed . According to the terms of issue, interest on the debentures is payable half-yearly on 30th September and 31st March and the tax deducted at source is 10%.
Pass necessary journal entries related to the debenture interest for the year ending 31st March , 2016 and transfer of interest on debentures of the year to the Statement of Profit and Loss .
On 1st April, 2015, V.V.L.Ltd issued 1,000, 9% Debentures of ₹ 100 each at a discount of 6%, redeemable at a premium of 10% after three years. Pass necessary journal entries for the issue of debentures and debenture interest for the year ended 31st March, 2016, assuming that interest is payable on 30th September and 31st March and the rate of tax deducted at source is 10%. The company closes its books on 31st March every year.
A limited company issued ₹ 1,00,000, 9% Debentures at a discount of 6% on 1st April, 2017. These debentures are to be redeemed equally, spread over 5 annual instalments.
Pass the Journal entries for issue of debentures and writing off the discount.
On 1st June, 2017, R Energy Ltd. issued 10,000, 7% Debentures of ₹ 100 each at a discount of 10% redeemable at a premium of 10% at the end of five years. All the debentures were subscribed and allotment was made.
Prepare the Balance Sheet (extract) as at 31st March, 2018.
Fill in the blank.
For recording the issue of debentures as collateral security by a journal entry _______ account is debited.
Excess value of net assets over purchase consideration at the time of purchase of business is credited to ______.
Premium on redemption is shown under which head until debentures are redeemed?
The loss on issue of Debentures is written-off from ______.
When the debenture of face value of ₹ 100 is issued at ₹ 100 is called, issue off debenture at ______.
10% Debenture issued at ₹ 105 is repayable at ₹ 110, the face value of the debenture being ₹ 100. Calculate the amount of loss on redemption of debentures.
Debenture holders are the ______.
Which of the following is not a source of cash?
Madhur Ltd. has outstanding 9% debentures of Rs. 50,00,000 redeemable at par on January 01, 2020. Debenture Redemption Reserve of Rs. 2,00,000 on March 31, 2018 and balance of the required amount of DRR was created on March 31, 2019. The company invested in specified securities (DRI) the required amount on April 01, 2019. Debentures were redeemed on the due date. Record necessary journal entries in the books of the company and also prepare the ledger accounts (ignore interest).
XYZ Ltd. Issued 6,000, 12% Debentures of ? 50 each on April 1, 2014. Interest on these debenture is payable annually 3151 March each year. The debentures are redeemable in four equal installments at end of third, fourth, fifth and sixth year. You are required to pan journal entries at the time of issue and redemption of debentures in the books of the company under following cases:
- Debentures are issued at par and redeemable at par.
- Debentures are issued at a premium of 10% and redeemable at par.
- Debentures are issued at a discount of 10% and redeemable at par.
- Debenture are issued at par but redeemable at a premium of 10%.
- Debentures are issued at a premium of 10% and redeemable at premium of 10%.
- Debenture are issued at a discount of 10% and redeemable at a premium of 10%.
