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प्रश्न
XXL Ltd. converted its 500, 9% debentures of Rs 100 each issued at a dsicount of 8% into equity shares of Rs 10 each issued at a premium of 25%. Discount on issue of debentures has not yet been written off.
Showing your workings clearly pass necessary Journal Entries on conversion of 9% debentures into equity shares.
उत्तर
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Journal |
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Date |
Particulars |
L.F. |
Debit Amount (Rs) |
Credit Amount (Rs) |
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9% Debentures A/c |
Dr. |
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50,000 |
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To Debentureholders’ A/c |
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50,000 |
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(500, 9% Debentures due for redemption) |
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Debentureholders’ A/c |
Dr. |
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50,000 |
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To Equity Share Capital A/c (4,000 × 10) |
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40,000 |
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To Securities Premium A/c (4,000 × 2.50) |
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10,000 |
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(500, 9% Debentures redeemed by converting into 4,000 equity shares of Rs 10 each issued at a premium of 25%) |
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Securities Premium A/c |
Dr. |
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4,000 |
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To Discount on Issue of Debentures A/c |
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4,000 |
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(Discount on issue of debentures written off against balance in securities premium account) |
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Notes
`"No. of Equity Shares"= "Amount Payble" /"Issue Price"`
=`(50,000)/12.5=4000`
APPEARS IN
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