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प्रश्न
Tata Ltd. issued 5,000, 10% Debentures of Rs 100 each on 1st April 2012. The issue was fully subscribed. According to the terms of issue, interest on debentures is payable half-yearly on 30th September and 31st March and tax deducted at source is 10%.
Pass the necessary journal entries related to the debenture interest for the half-yearly ending on 31st March 2013 and transfer of interest on debentures to Statement of Profit and Loss.
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उत्तर
| Journal | ||||
| Date | Particulars | L.F. |
Debit Rs |
Credit Rs |
|
2012 Sept.30 |
Debenture Interest A/c `(500000xx10/100 xx 6/12)` Dr. To Income Tax Payable A/c (25,000 ×10%) To Debenture holders’ A/c (Being amount of interest due for 6 months and tax deducted at source) |
25,000
|
2,500 22,500
|
|
| Sept. 30 |
Debenture holders’ A/c Dr. To Bank A/c (Being interest paid to the debenture holders) |
22,500
|
22,500
|
|
| Sept.30 |
Income Tax Payable A/c Dr. To Bank A/c (Being payment of tax on interest on denatures) |
2,500
|
2,500
|
|
|
2013 Mar.31 |
Debenture Interest A/c `(500000xx10/100xx6/12)` Dr. To Income Tax Payable A/c (12,000 ×10%) To Debenture holders’ A/c (Being amount of interest due for 6 months and tax |
25,000
|
2,500 22,500
|
|
| Mar.31 |
Debenture holders’ A/c Dr. To Bank A/c (Being interest paid to the debenture holders) |
22,500
|
22,500
|
|
| Mar.31 |
Income Tax Payable A/c Dr. To Bank A/c (Being payment of tax on interest on denatures) |
2,500
|
2,500
|
|
| Mar.31 |
Statement of Profit and Loss A/c Dr. To interest on debentures A/c (Being interest or debentures transferred to statement of |
50,000
|
50,000
|
|
APPEARS IN
संबंधित प्रश्न
The debentures which are convertible into shares.
The debenture holder is owner of the company.
On 1.4.2015 PPR Ltd. issued 1500, 10% debentures of Rs 100 each at a discount of 3%, redeemable at a premium of 8% after three years. The company closes its books on 31st March every year. Interest on 10% debentures is payable on 30th September and 31st March. Rate of tax deducted at source is 10%.
Pass necessary journal entries for the issue of 10% debentures and interest for the year ended 31.3.2016
Give any one advantage for the redemption of debentures by purchase in the open market?
Pass the necessary Journal entry when 10,000 debentures of Rs 100 each are issued as collateral security against a Bank loan of Rs 8,00,000
_______ is an acknowledgement of debt under common seal of a company.
Answer in a sentence only.
What is meant by debenture?
Answer in a sentence only.
What do you mean by Bearer Debenture?
Answer in a sentence only.
What is meant by ‘Irredeemable Debentures?
Write one word/term/phrase which can substitute the following
The debentures where no charge is created on the assets of company.
Write one word/term/phrase which can substitute the following
The acknowledgment of debt under common seal of company.
Write one word/term/phrase which can substitute the following
The debentures of which the payment is not made until the winding up of company.
Write one word/term/phrase which can substitute the following
The debentures of which payment is made on the expiry of specific period.
Write one word/term/phrase which can substitute the following
The debentures which are transferred by way of delivery.
Select most appropriate alternative from those given below
__________ is acknowledgment of debt under common seal of company.
Select most appropriate alternative from those given below ____________debentures which are recorded in register of company.
Select most appropriate alternative from those given below :
The debentures which are converted into shares is called____________.
Select most appropriate alternative from those given below :
__________ debentures which are not secured against any charge on asset of the company.
State to whether the following statement is True/False.
The acknowledgement of debt under common seal of company in termed as share.
State to whether the following statement is True/False.
The debentures are known as creditors ship capital of the company.
State to whether the following statement is True/False.
The unregistered debentures are known as naked debentures.
State to whether the following statement is True/False.
Unsecured debentures are safer than secured debentures.
Amar Ltd. issued 10,000 12% Debentures of Rs 100 each payable Rs 30 on application and remaining amount on allotment. The public applied for Rs 9,000 debentures which were fully allotted and on the relevant allotment money duly received. Give journal entries in the books of Amar Ltd.
Answer the following question in one sentence.
What are ‘convertible debentures’?
Answer the question.
Explain any five types of debentures through which a company can collect borrowed capital from the public.
State any four disadvantages of debentures.
Match the items given in Column I with the headings/subheadings (Balance sheet) as defined in Schedule III of Companies Act 2013.
| Column I | Column II | ||
| (I) | Loose Tools | (a) | Intangible fixed assets |
| (II) | Patents | (b) | Other current assets |
| (III) | Prepaid insurance | (c) | Long term Borrowings |
| (IV) | Debentures | (d) | Inventories |
| (V) | Machinery | (e) | Tangible Fixed assets/Property, Plant and Equipment |
Choose the correct option:
Random Ltd. took over running business of Mature Ltd. comprising of Assets of ₹ 45,00,000 and Liabilities of ₹ 6,40,000 for a purchase consideration of ₹ 36,00,000. The amount was settled by bank draft of ₹ 1,50,000 and balance by issuing 12% preference shares of ₹ 100 each at 15% premium. Pass entries in the books of Random Ltd.
