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प्रश्न
X Ltd. purchased assets of ₹ 18,00,000 and took over liabilities of ₹ 6,00,000 of Y Ltd. for a purchase consideration of ₹ 10,00,000. The payment to Y Ltd. was made by issue of 9% debentures of ₹ 100 each at ₹ 125. Calculate the number of 9% debentures issued in favour of Y Ltd. and pass the necessary journal entries for the above transactions in the books of X Ltd.
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उत्तर
Calculation of no. of debentures issued:
Purchase consideration = ₹ 10,00,000
Nominal value of deb. = ₹ 100
Premium = 25
No. of Debentures issued = ₹ `(10,00,000)/125` = 8,000 Debentures
| In the Books of X Ltd. Journal Entries |
||||
| Date | Particular | L.F. | Dr. (₹) | Cr. (₹) |
| 1. | Assets A/c ...Dr. | 18,00,000 | - | |
|
To Liabilities A/c |
- | 6,00,000 | ||
| To Y Ltd. (Pur. Cons.) | - | 10,00,000 | ||
| To Capital Reserve (Balancing Figure) | - | 2,00,000 | ||
| (Being business taken over of Y Ltd.) | ||||
| 2. | Y Ltd. ...Dr. | 10,00,000 | - | |
| To 9% Debentures A/c | - | 8,00,000 | ||
| To Securities Premium Reserve A/c | - | 2,00,000 | ||
| (Being purchase consideration satisfied by giving 9% debentures.) |
||||
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संबंधित प्रश्न
Short Answer Question
What is meant by ‘Issue of debentures for Consideration other than Cash’?
Short Answer Question
What is discount on issue of debentures?
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
How is ‘Discount on Issue of Debentures’ treated in the books of accounts? How will you deal with the ‘discount in issue of debentures’ when the debentures are to be redeemed in instalments?
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20,00,000 Debentures on March, 2011
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B. Ltd. issued 1,000, 12% debentures of Rs 100 each on April 01, 2014 at a discount of 5% redeemable at a premium of 10%.
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Record necessary journal entries in the books of Romi Ltd.
Romi Ltd. acquired assets of ₹ 20 lakhs and took over creditors of ₹ 2 lakhs from Kapil Enterprises.
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Record necessary journal entries in the books of Romi Ltd.
Wellbeing Ltd. took over assets of ₹ 9,80,000 and liabilities of ₹ 40,000 of HDR Ltd. at an agreed value of ₹ 9,00,000. Wellbeing Ltd. paid to HDR Ltd. by issue of 9% Debentures of ₹ 100 each at a premium of 20%. Pass necessary Journal entries to record the above transactions in the books of Wellbeing Ltd.
Fill in the blank.
For recording the issue of debentures as collateral security by a journal entry _______ account is debited.
X Co. Ltd. purchased assets worth Rs.28,80,000. It issued debentures of Rs. 100 each at a discount of 4 per cent in full satisfaction of the purchase consideration. The number of debentures issued to vendor is ______.
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The loss on issue of Debentures is written-off from ______.
Premium received on issue of debentures may be utilised for:
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