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Solution
Journal
| Date | Particulars | L.F. | DebitAmount(Rs) | CreditAmount(Rs) | |
|
Bank A/c (1,500 × 20) To 12% Debenture Application A/c (Application money received) |
Dr.
|
30,000
|
30,000
|
||
|
Debenture Application A/c To 12% Debentures A/c (1,000 × 20) To Bank A/c (500 × 20) (Application money transferred to 12% Debentures A/c) |
Dr.
|
|
30,000
|
20,000 10,000
|
|
|
Debenture Allotment A/c ( 900 × 80) To 12% Debentures A/c (Allotment money due) |
Dr.
|
72,000
|
72,000
|
||
|
Bank A/c To Debenture Allotment A/c (Allotment money received) |
Dr.
|
72,000
|
72,000
|
||
Mahakali Co. Ltd.
Balance Sheet
| Particulars | Note No. | Amount (Rs) |
| I. Equity and Liabilities | ||
| Non-current liabilities | ||
| Long-term borrowings | 102,000 | |
| II. Assets | ||
| Current assets | ||
| Cash and cash equivalents | 102,000 |
Notes to Accounts :
| Particulars | Amount (Rs) |
| 1. Long-term borrowings 1,000, 12% Debentures of Rs 100 each |
102,000 |
| 2. Cash and cash equivalents Cash at bank |
102,000 |
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RELATED QUESTIONS
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The acknowledgment of debt under common seal of company.
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The debentures which are converted in to shares.
Write one word/term/phrase which can substitute the following
The debentures which are not converted into shares.
Write one word/term/phrase which can substitute the following
The debentures which are registered in the register of company.
Select most appropriate alternative from those given below :
__________ debentures which are not secured against any charge on asset of the company.
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The amount of irredeemable debentures is not paid in the life time of the company.
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The unregistered debentures are known as naked 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.
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The acknowledgement of debt under common seal of company.
Answer the question.
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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 |
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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.
