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प्रश्न
'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.
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उत्तर
In the books of Sangam Woollens Ltd.
Journal
|
Date |
Particulars |
|
L.F. |
Debit |
Credit |
|
|
Machinery A/c |
Dr. |
5,00,000 |
|
|
|
|
To Vendor A/c |
|
|
5,00,000 |
|
|
|
(Being machinery purchased from a Vendor) |
|
|
|
|
|
|
|
|
|
||
|
|
Vendor A/c |
Dr. |
5,00,000 |
|
|
|
|
To Equity Share Capital A/c (40,000×10) |
|
|
4,00,000 |
|
|
|
To 9% Debentures A/c (1,000×100) |
|
|
1,00,000 |
|
|
|
(Being equity shares and 9% Debentures issued as purchase consideration) |
|
|
|
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संबंधित प्रश्न
Short Answer Question
What is meant by ‘Issue of debentures for Consideration other than Cash’?
Long Answer Question
Describe the meaning of ‘Debenture Issued as Collateral Securities’. What accounting treatment is given to the issue of debentures in the books of accounts?
Long Answer Question
Explain the different terms for the issue of debentures with reference to their redemption.
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20,00,000 Debentures on March, 2014
Compute the amount of discount to be written-off in each year till debentures are paid. Also prepare discount/loss on issue of debenture account.
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Rehana, Shakina and Jasmine are partners. They share When debentures are issued as collateral security, the final entry for recording the transaction in the books is ______.
Discount on issue of debentures is a ______
Loss on issue of debentures is treated as ______.
Debenture holders are the ______.
Assertion (A): Sarita Pvt. Ltd. issued 15% 10,000 debentures at par @ ₹ 100 per debenture. The company suffered a loss but still the directors of the company paid interest on debentures.
Reason (R): Interest on debenture is a charge against profits and therefore, its payment is not subject to the earning of profit.
Premium received on issue of debentures may be utilised for:
X Ltd. had outstanding 20,000 12% debentures of Rs. 100 each redeemable on June 30, 2019. Record necessary journal entries at the time of redemption.
