हिंदी

Vishwas Ltd. Issued 2,000; 9% Debentures of ₹ 100 Each Payable as Follows: ₹ 25 on Application; - Accountancy

Advertisements
Advertisements

प्रश्न

Vishwas Ltd. issued 2,000; 9% Debentures of ₹ 100 each payable as follows:
₹ 25 on application; ₹ 25 on allotment and ₹ 50 on first and final call.
Applications were received for all the debentures along with the application money did allotment was made . Call money was also received on the due date.
Pass necessary Journal entries in the books of the company.

रोजनामा प्रविष्टि

उत्तर

Books of Vishwas Ltd.
Journal

Date

Particulars

 

L.F.

Debit Amount

Rs

Credit Amount

Rs

 

Bank A/c

Dr.

 

50,000

 

 

To 9% Debenture Application A/c

 

 

50,000

 

(Debenture application money received for 2,000 debentures at Rs 25 each)

 

 

 

 

 

 

 

 

 

9% Debenture Application A/c

Dr.

 

50,000

 

 

To 9% Debenture A/c

 

 

50,000

 

(Debenture application money transferred to 9% Debentures A/c)

 

 

 

 

 

 

 

 

 

9% Debenture Allotment A/c

Dr.

 

50,000

 

 

To 9% Debentures A/c

 

 

50,000

 

(Debenture allotment money due on 2,000 Debentures at Rs 25 each)

 

 

 

 

 

 

 

 

 

Bank A/c

Dr.

 

50,000

 

 

To 9% Debenture Allotment A/c

 

 

50,000

 

(Debenture allotment money received)

 

 

 

 

 

 

 

 

 

9% Debenture First and Final Call A/c

Dr.

 

1,00,000

 

 

To 9% Debentures A/c

 

 

1,00,000

 

(Debenture first and final call money due on 2,000 debentures at Rs 50 each)

 

 

 

 

 

 

 

 

 

Bank A/c

Dr.

 

1,00,000

 

 

To 9% Debenture First and Final Call A/c

 

 

1,00,000

 

(Debenture first and final call received)

 

 

 
shaalaa.com
Issue of Debentures
  क्या इस प्रश्न या उत्तर में कोई त्रुटि है?
अध्याय 2: Issue of Debentures - Exercise [पृष्ठ ५१]

APPEARS IN

टीएस ग्रेवाल Accountancy - Double Entry Book Keeping Volume 2 [English] Class 12
अध्याय 2 Issue of Debentures
Exercise | Q 1 | पृष्ठ ५१

संबंधित प्रश्न

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?


Journalise the following:

(i) A debenture issued at Rs 95, repayable at Rs 100;

(ii) A debenture issued at Rs 95, repayable at Rs 105; and

(iii) A debenture issued at Rs 100, repayable at Rs 105;

The face value of debenture in each of the above cases is Rs 100.


A.Ltd. issued 50,00,000, 8% Debenture of Rs 100 at a discount of 6% on April 01, 2009 redeemable at premium of 4% by draw of lots as under:

20,00,000 Debentures on March, 2011

10,00,000 Debentures on March, 2013

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.


Wye Ltd . purchased an established business for ​₹  2,00,000 payable as ​₹  65,000 by cheque and the balance by issuing 9% Debentures of ​₹  100 each at a discount of 10%.
Give journal entries  in the books of Wye Ltd.


Romi Ltd. acquired assets of  ₹ 20 lakhs and took over creditors of  ₹ 2 lakhs from Kapil Enterprises.
Romi Ltd. issued 8% Debentures of  ₹ 100 each at a premium of 25% as purchase consideration.
Record necessary journal entries in the books of Romi Ltd.


Journalise the following:
(a) A debenture issued at ₹95, repayable at ₹ 100.
(b) A debenture issued at ₹95, repayable at ₹ 105.
(c) A debenture issued at ₹95, repayable at ₹ 105.
The face value of debenture is  ₹ 100 in each of the above cases.


Pass journal entries in the following cases:
(a) A Co.Ltd. issued ₹40,000; 12% Debentures at a premium of 5% redeemable at par.
(b) A Co.Ltd. issued ₹40,000; 12% Debentures at a discount of 10% redeemable at par.
(c) A Co.Ltd. issued ₹40,000; 12% Debentures at par redeemable at 10% premium.
(d) A Co.Ltd. issued ₹40,000; 12% Debentures at a discount of 5%  and redeemable at 5% premium.
(e) A Co.Ltd. issued ₹40,000; 12% Debentures at a premium of 10% redeemable at 110%.


Kitply Ltd.issued  ₹ 2,00,000, 10% Debentures  at a discount of 5% .The terms of issue provide the repayment at the end of 4 years . Kitply Ltd.has a balance of ₹ 5,00,000 in Securities Premium Reserve . The company decided to write off  discount on issue of debentures from Securities Premium Reserve in the first year.
Pass the journal entry.


On 1st January, 2017, Raha Ltd. issued 6,000, 8% Debentures of nominal (face) value of ₹ 100 each redeemable at 5% premium in equal proportions at the end of 5, 10 and 15 years. It has a balance of ₹ 10,000 in Securities Premium Reserve.
Pass Journal entries. Also give Journal entries for writing off Loss on Issue of Debentures.


On 1st April, 2017, Solar Power Ltd. issued 10,000, 8% Debentures of ₹ 100 each at a discount of 5% redeemable at a premium of 15% at the end of five years. All the debentures were subscribed and allotment was made. The company had balance in Securities Premium Reserve of ₹ 80,000.
Prepare the Balance Sheet (extract) as at 31st March, 2018.


On 1st April, 2015. Mathew Ltd. issued 10,000, 9% Debentures of ₹ 100 each at a discount of 5%, redeemable at a premium of 5%. These debentures were redeemable as follows:

On 31st March, 2016 2,000 Debentures;
On 31st March, 2017 5,000 Debentures;
On 31st March, 2018 3,000 Debentures.

Prepare the Loss on Issue of Debentures Account, Debentures Account and Premium on Redemption of Debentures Account for three years.


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 ______.


Loss on Issue of Debenture Account is shown:


Debenture interest is paid as ______.


The loss on issue of Debentures is written-off from ______.


Debentures are considered as ______ equity.


Which of the following is false with respect to debentures ?


Debenture holders are the ______.


XYZ Ltd. Issued 6,000, 12% Debentures of ? 50 each on April 1, 2014. Interest on these debenture is payable annually 3151 March each year. The debentures are redeemable in four equal installments at end of third, fourth, fifth and sixth year. You are required to pan journal entries at the time of issue and redemption of debentures in the books of the company under following cases:

  1. Debentures are issued at par and redeemable at par.
  2. Debentures are issued at a premium of 10% and redeemable at par.
  3. Debentures are issued at a discount of 10% and redeemable at par.
  4. Debenture are issued at par but redeemable at a premium of 10%.
  5. Debentures are issued at a premium of 10% and redeemable at premium of 10%.
  6. Debenture are issued at a discount of 10% and redeemable at a premium of 10%.

Share
Notifications

Englishहिंदीमराठी


      Forgot password?
Use app×