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प्रश्न
'Ananya Ltd.' had an authorised capital of ₹ 10,00,00,000 divided into 10,00,000 equity shares of ₹ 100 each. The company had already issued 2,00,000 shares. The dividend paid per share for the year ended 31st March,2007 was ₹ 30 . The management decided to export its products to African countries . To meet the requirements of additional funds, the finance manager put up the following three alternate proposals before the Board of Directors:
(a) Issue 47,500 equity shares at a premium of ₹ 100 per share .
(b) Obtain a long-term loan from bank which was available at 12% per annum.
(c) Issue 9% Debentures at a discount of 5%.
After evaluating these alternatives , the company decided to issue 1,00,000,9% Debentures on 1st April,2008. The face value of each debentures was ₹ 100 . These debentures were redeemable in four installments starting from the end of third year, which were as follows:
| Year | III | IV | V | VI |
| Amount (₹) | 10,00,000 | 20,00,000 | 30,00,000 | 40,00,000 |
Prepare 9% Debenture Account form 1st April, 2008 till all the debentures were redeemed.
उत्तर
9% Debentures Account
Dr. Cr.
|
Date |
Particulars |
J.F. |
Amount Rs |
Date |
Particulars |
J.F. |
Amount Rs |
|
|
2009 |
|
|
|
2008 |
|
|
|
|
|
Mar. 31 |
Balance c/d |
|
1,00,00,000 |
Apr. 01 |
Debenture Application A/c |
|
95,00,000 |
|
|
|
|
|
|
Apr. 01 |
Discount on Issue of Debentures A/c |
|
5,00,000 |
|
|
|
|
|
1,00,00,000 |
|
|
|
1,00,00,000 |
|
|
2010 |
|
|
|
2009 |
|
|
|
|
|
Mar. 31 |
Balance c/d |
|
1,00,00,000 |
Apr. 01 |
Balance b/d |
|
1,00,00,000 |
|
|
|
|
|
1,00,00,000 |
|
|
|
1,00,00,000 |
|
|
2011 |
|
|
|
2010 |
|
|
|
|
|
Mar. 31 |
Debentureholders’ A/c |
|
10,00,000 |
Apr. 01 |
Balance b/d |
|
1,00,00,000 |
|
|
Mar. 31 |
Balance c/d |
|
90,00,000 |
|
|
|
|
|
|
|
|
|
1,00,00,000 |
|
|
|
1,00,00,000 |
|
|
2012 |
|
|
|
2011 |
|
|
|
|
|
Mar. 31 |
Debentureholders’ A/c |
|
20,00,000 |
Apr. 01 |
Balance b/d |
|
90,00,000 |
|
|
Mar. 31 |
Balance c/d |
|
70,00,000 |
|
|
|
|
|
|
|
|
|
90,00,000 |
|
|
|
90,00,000 |
|
|
2013 |
|
|
|
2012 |
|
|
|
|
|
Mar. 31 |
Debentureholders’ A/c |
|
30,00,000 |
Apr. 01 |
Balance b/d |
|
70,00,000 |
|
|
Mar. 31 |
Balance c/d |
|
40,00,000 |
|
|
|
|
|
|
|
|
|
70,00,000 |
|
|
|
70,00,000 |
|
|
2014 |
|
|
|
2013 |
|
|
|
|
|
Mar. 31 |
Debentureholders’ A/c |
|
40,00,000 |
Apr. 01 |
Balance b/d |
|
40,00,000 |
|
|
|
|
|
40,00,000 |
|
|
|
40,00,000 |
|
APPEARS IN
संबंधित प्रश्न
State the provisions of the Companies Act, 2013 for the creation of 'Debenture Redemption Reserve'.
Pass the necessary journal entries for the issue and redemption of Debentures in the following cases:
(i) 15,000, 9% Debentures of Rs 250 each issued at 5% premium, repayable at 15% premium.
(ii) 2,00,000, 12% Debentures of Rs 10 each issued at 8% premium, repayable at par.
Star Ltd. is a manufacturer of chemical fertilisers. Its annual turnover is ₹ 50 crores. The company had issued 5,000, 12% Debentures of ₹ 500 each at par. Calculate the amount of Debentures Redemption Reserve which needs to be created to meet the requirements of law.
Dow Ltd. issued ₹ 2,00,000; 8% Debentures of ₹ 10 each at a premium of 8% on 30th June, 2016 redeemable on 31st March, 2018. How much amount should be transferred to Debentures Redemption Reserve before redemption of debentures?
Nirbhai Chemicals Ltd. issued ₹ 10,00,000; 6% Debentures of ₹ 50 each at a premium of 8% on 30th June, 2018 redeemable on 30th June, 2019. The issue was fully subscribed. Pass Journal entries for issue and redemption of debentures. How much amount should be transferred to Debentures Redemption Reserve before redemption of debentures? Also, state how much amount should be invested in specified securities?
IFCI Ltd.(An All India Financial Institution) issued 10,00,000; 9% Debentures of ₹ 50 each on 1st April, 2011 redeemable on 1st April, 2019. How much amount of Debentures Redemption Reserve is required before the redemption of debentures? Also, pass Journal entries for issue and redemption of debentures.
India Textiles Corporation Ltd. has outstanding ₹ 50,00,000; 9% Debentures of ₹ 100 each due for redemption on 31st July, 2019. Pass Journal entries for redemption assuming that there is a balance of ₹ 3,00,000 in Debentures Redemption Reserve on the date of redemption.
Rich sugar Ltd. issued ₹ 20 Lakh,8% Debentures divided into debentures of ₹ 100 each on 1st April, 2013, redeemable in four equal annual installments starting from 31st March,2016. The company decided to transfer to Debentures Redemption Reserve ₹ 2,50,000 each year on 31st March,2014 and 2015.
The company invested ₹ 3,00,000 in Government securities as required by the Companies Act, 2013.
Pass necessary journal entries for the above transactions.
Hp Ltd. has 1,00,000;8% Debentures of ₹ 50 each due for redemption in five equal annual installments starting from 30th June, 2015. Debentures Redemption Reserve has a balnce of ₹ 5,00,000 on that date . Pass journal entries.
Fill in the blank.
The portion of uncalled capital to be called only in the event of winding up of the company is called ____________.
Choose the appropriate alternative from the given options:
Madura Ltd. decided to redeem its 10,000, 10% debentures of ₹100 each at a premium of 8%. The minimum amount transferred to debenture redemption reserve will be :
Relay Ltd. (an unlisted Non NBFC) redeems its 8,000, 10% Debentures of ₹ 100 each in instalments as follows:
| Date of Redemption | Debentures to be redeemed |
| 31st March, 2019 | 2,000 |
| 31st March, 2020 | 5,000 |
| 31st March, 2021 | 1,000 |
On the basis of the above details, what will be the amount of Debenture Redemption Reserve which the company will transfer to General Reserve on 31st March, 2021?
What is the maximum amount of debentures which an unlisted company, other than a NBFC and HFC, can redeem out of its capital?
Jerome Ltd., an unlisted manufacturing company, had 20,000, 6% Debentures of ₹ 100 each due for redemption at par on 31st March, 2022. On this date the company had the required amount of ₹ 2,00,000 in its Debenture Redemption Reserve.
The Debenture Redemption Investment which was purchased on 30th April, 2021, was realised at 98% on the date of redemption and the debentures were redeemed on the due date.
You are required to pass journal entries in the books of the company for the year 2021-22. (Ignore interest on debentures).
On 1st April, 2017, Gabriel Ltd., a listed company, issued 3,000, 8% Debentures of ₹ 100 each. One-third of the Debentures were redeemed at par on 31st March, 2021 and the remaining two-third on 31st March, 2022. The company paid interest on debentures annually on 31st March.
After meeting the requirements of the Companies Act, 2013, regarding Debenture Redemption Investment, the company redeemed the debentures.
You are required to record necessary journal entries in the books of the company only on 31st March, 2022; including entries for interest on debentures.
On 1st April, 2022, the following balances appeared in the books of Alpha Pvt. Ltd.
| 9% Debentures redeemable on 31st March, 2023, at a premium of 2% | ₹ 50,00,000 |
| Debenture Redemption Reserve | ₹ 5,00,000 |
The Debenture Redemption Investment, which was purchased by the company on 1st April, 2022, was realised at 101% on the date of redemption and the debentures were redeemed on the due date.
You are required to prepare the following accounts for the year 2022-23 in the books of Alpha Pvt. Ltd.
- Debenture holders' Account.
- Debenture Redemption Investment Account.
