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प्रश्न
B. Ltd. issued 1,000, 12% debentures of Rs 100 each on April 01, 2014 at a discount of 5% redeemable at a premium of 10%.
Give journal entries relating to the issue of debentures and debentures interest for the period ending March 31, 2015 assuming that interest is paid half yearly on September 30 and March 31 and tax deducted at source is 10%.
उत्तर
|
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
||||
|
2014 |
|
|
|
|
|
|||
|
Apr. 01 |
Bank A/c |
Dr. |
|
95,000 |
|
|||
|
|
Loss on Issue on Debentures A/c |
Dr. |
|
15,000 |
|
|||
|
|
|
To 12% Debenture A/c |
|
|
1,00,000 |
|||
|
|
|
To Premium on Redemption of Debentures A/c |
|
|
10,000 |
|||
|
|
(Debenture issued at discount and redeemable at Premium) |
|
|
|
||||
|
Sept. 30 |
Debenture Interest A/c |
Dr. |
|
6,000 |
|
|||
|
|
|
To Income Tax Payable A/c |
|
|
600 |
|||
|
|
|
To Debenture Holders A/c |
|
|
5,400 |
|||
|
|
(Amount of interest on 12% debentures Rs 1,00,000 due for 6 months and 10% tax deducted at source) |
|
|
|
||||
|
Sept. 30 |
Debenture Holders A/c |
Dr. |
|
5,400 |
|
|||
|
|
|
To Bank A/c |
|
|
5,400 |
|||
|
|
(Interest paid to Debenture Holders) |
|
|
|
||||
|
2015 |
Debenture Interest A/c |
Dr. |
|
6,000 |
|
|||
|
|
|
To Income Tax Payable A/c |
|
|
600 |
|||
|
|
|
To Debenture Holders A/c |
|
|
5,400 |
|||
|
|
(Amount of interest on 12% Debentures Rs 1,00,000 due for 6 months and 10% tax deducted at source) |
|
|
|
||||
|
Mar. 31 |
Debenture Holders A/c |
Dr. |
|
|
5,400 |
|||
|
|
|
To Bank A/c |
|
|
5,400 |
|||
|
|
(Interest paid to Debenture Holders) |
|
|
|
||||
|
Mar. 31 |
Profit and Loss A/c |
Dr. |
|
12,000 |
|
|||
|
|
|
To Debenture Interest A/c |
|
|
12,000 |
|||
|
|
(Interest on debentures transferred to Profit and Loss Account) |
|
||||||
APPEARS IN
संबंधित प्रश्न
A Ltd . issued 2,000; 9% Debentures of ₹ 100 each on the following terms:
₹20 on applications ;₹ 20 on allotment ; ₹ 30 on first call ; ₹ 30 on final call.
The public applied for 2,400 debentures. Applications for 1,800 debentures were accepted in full. Applications for 400 debentures were allotted 200 debentures and applications for 200 debentures were rejected . Pass necessary Journal entries .
Vijay Laxmi Ltd. invited applications for 10,000; 12% Debentures of ₹ 100 each at a premium of ₹ 70 per debenture .The full amount was payable on application.
Applications were received for 13,500 debentures. Applications for 3,500 debentures were rejected and application money was refunded . Debentures were allotted to the remaining applications .
X Ltd . issued 12,000; 8% Debentures of ₹ 100 each at a discount of 5% payable as 25% on application;20% on allotment and balance after three months.
Pass Journal entries.
Alka Ltd . issued 5,000, 10% Debentures of ₹ 1,000 each at a discount of 10% redeemable at a premium of 5% after 5 years . According to the terms of issue ₹ 500 was payable on application and the balance amount on allotment of debentures. Record necessary entries regarding issue of 10% Debentures.
Bright Ltd. took over the assets of ₹ 6,60,000 and liabilities of ₹ 80,000 of Star Ltd. for an agreed purchase consideration of ₹ 6,00,000 payable 10% in cash and the balance by the issue of 12% Debentures of ₹ 100 each. Give necessary Journal entries in the books of Bright Ltd., assuming that:
Case (a): The debentures are issued at par.
Case (b): The debentures are issued at 20% premium.
Case (c): The debentures are issued at 10% discount.
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 discount of 10% as purchase consideration.
Record necessary journal entries in the books of Romi Ltd.
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.
Garvit Ltd. invited applications for issuing 3,000, 11% Debentures of ₹ 100 each at a discount of 6%. The full amount was payable on application. Applications were received for 3,600 debentures. Applications for 600 debentures were rejected and the application money was refunded. Debentures were allotted to the remaining applicants. Pass the necessary journal entries for the above transactions in the books of Garvit Ltd.
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 ______.
Excess value of net assets over purchase consideration at the time of purchase of business is credited to ______.
When debentures are issued at a discount and are redeemable at a premium, which of the following accounts is debited at the time of issue?
Which of the following given statement is correct.
Statement 1 - "Shares cannot be converted into debentures whereas debentures can be converted into shares"
Statement 2 - "Shares can be converted into debentures whereas debentures cannot be converted into shares"
Which of the following. column indicated in·the statement given below is to be credited?
"Writing off the loss on issue of debentures"
Interest on Debentures is a charge against ______.
Debenture premium cannot be used to ______.
Debenture is ______.
Which of the following is not a source of cash?
Premium received on issue of debentures may be utilised for writing off:
X Ltd. had outstanding 20,000 12% debentures of Rs. 100 each redeemable on June 30, 2019. Record necessary journal entries at the time of redemption.
