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प्रश्न
Dinesh Ltd. Issued 10,00,000 6% Debentures on 1st April, 2010. Interest is paid on 30 sept., 2010 and 31st March, 2011.
Record necessary journal entries assuming that income tax is deducted at 30% of the amount of interest.
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उत्तर
Books of Dinesh Ltd.
Journal Entry
| Date | Particulars | L.F. | Debit Amount (Rs.) | Credit Amount (Rs.) |
| 2010 Apr.01 |
Bank A/c Dr. To Debenture Application and Allotment A/c (Debenture application and Allotment received on 10,000 6% Debentures of Rs 100 each) |
10,00,000 | 10,00,000 | |
| Apr.01 | Debenture Application and Allotment A/c Dr. To 6% Debentures A/c (Debenture application and allotment transferred to 6% Debenture A/c) |
10,00,000 | 10,00,000 | |
| Sept.30 | Debenture Interest A/c Dr. To Income Tax Payable A/c To Debentureholders A/c (Amount of interest due on debenture and TDS |
30,000 | 9,000 21,000 |
|
| Sept.30 |
Debentureholders A/c Dr |
21,000 | 21,000 | |
| 2011 Mar.31 |
Debenture Interest A/c Dr. |
30,000 | 9,000 21,000 |
|
| Mar.31 | Debentureholders A/c Dr. To Bank A/c (Interest paid to Debenture Holder) |
21,000 | 21,000 | |
| Mar.31 | Income Tax Payable A/c Dr. To Bank A/c (Income Tax paid) |
18,000 | 18,000 | |
| Mar.31 |
Profit and Loss A/c Dr. |
60,000 | 60,000 |
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संबंधित प्रश्न
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Pass necessary journal entries in the following cases:
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Answer in a sentence only.
What do you mean by ‘Debenture Interest’?
Select most appropriate alternative from those given below :
The interest on debentures is transferred to __________.
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Select the correct statement from the following options.
