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प्रश्न
On 1st April, 2015, V.V.L.Ltd issued 1,000, 9% Debentures of ₹ 100 each at a discount of 6%, redeemable at a premium of 10% after three years. Pass necessary journal entries for the issue of debentures and debenture interest for the year ended 31st March, 2016, assuming that interest is payable on 30th September and 31st March and the rate of tax deducted at source is 10%. The company closes its books on 31st March every year.
उत्तर
| Particulars | L. F. |
Debit
Amount
(₹)
|
Credit
Amount
(₹)
|
||
| 2015 | |||||
| Apr. 01 | Bank A/c (1,000 × 94) | Dr. | 94,000 | ||
| To Debenture Application and Allotment A/c | 94,000 | ||||
| (Received application money on 1,000 Debenture at a discount of 6%) | |||||
| Apr. 01 | Debenture Application and Allotment A/c | Dr. | 94,000 | ||
| Discount on Issue of Debenture A/c (1,000 × 6) | Dr. | 6,000 | |||
|
Loss on Issue of Debentures A/c |
Dr. | 10,000 | |||
| To 9% Debentures A/c | 1,00,000 | ||||
| To Premium on Redemption of Debentures A/c | 10,000 | ||||
| (Debenture application and allotment money transferred to Debentures A/c) | |||||
| Sep. 30 | Debenture Interest A/c | Dr | 4500 | ||
| To Debenture holder A/c | 4050 | ||||
| To TDS Payable A/c | 450 | ||||
| (Being Interest payable 9% Debentures and tax deducted at source @10%) | |||||
| Sep. 30 | Debenture holder A/c | Dr. | 4050 | ||
| TDS Payable A/c | Dr. | 450 | |||
| To Bank A/c | 4500 | ||||
| (Being the interest paid to debentureholders and TDS deposited) | |||||
| 2016 | |||||
| March 31 |
Debenture Interest A/c | Dr. | 4,500 | ||
| To Debenture holder's A/c | 4050 | ||||
| To TDS Payable A/c | 450 | ||||
| (Being Interest payable 9% Debentures and tax deducted at source @10%) | |||||
| March 31 | Debenture holder A/c | 4,500 | |||
| TDS Payable A/c | 4050 | ||||
| To Bank A/c | 450 | ||||
| (Being the interest paid to debentureholders and TDS deposited) | |||||
| March 31 |
Statement of Profit and Loss A/c | Dr. | 9,000 | ||
| To Debenture Interest A/c | 9,000 | ||||
| (Being the interest on debentures transferred to statement of profit and Loss) | |||||
| March 31 |
Statement of Profit and Loss A/c | Dr. | 10,000 | ||
| To Loss on Issue of Debentures A/c | 10,000 | ||||
| (Being the discount on issue of debentures written off) |
king Notes:
1) Debenture Interest = (1,000 × 100) × `9/100 × 6/12`
= (1,00,000) × `9/100 × 1/2`
= ₹ 4500
2) TDS Payable = `4500 × 10/100` = ₹ 450
Debenture holder = 4500 - 450 = 4050.
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संबंधित प्रश्न
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