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प्रश्न
T. Ltd. offered 2,00,000, 8% debenture of Rs 500 each on June 30, 2014 at a premium of 10% payable as Rs 200 on application (including premium) and balance on allotment, redeemable at par after 8 years. But application are received for 3,00,000 debentures and the allotment is made on pro-rata basis. All the money due on application and allotment is received. Record necessary entries regarding issue of debentures.
उत्तर
Books of T. Ltd.
Journal
|
Date |
Particulars |
L.F. |
Debit Amount (₹) |
Credit Amount (₹) |
||
| 2014 | ||||||
|
Jun. 30 |
Bank A/c |
Dr. |
|
6,00,00,000 |
|
|
|
|
|
To 8% Debenture Application A/c |
|
|
6,00,00,000 |
|
|
|
(8% Debenture application money received for 3,00,000 debentures @ ₹200 each) |
|
|
|
||
|
Jun.30 |
8% Debenture Application A/c |
Dr. |
|
6,00,00,000 |
|
|
|
|
|
To 8% Debenture A/c |
|
|
3,00,00,000 |
|
|
|
|
To 8% Debenture Allotment A/c |
|
|
2,00,00,000 |
|
|
|
|
To Securities Premium A/c |
|
|
1,00,00,000 |
|
|
|
(8% Debenture Application money of 2,00,000 debentures @ ₹200 each including ₹50 premium transferred to Debenture Account and rest of the amount adjusted on allotment) |
|
|
|
||
|
|
8% Debenture Allotment A/c |
Dr. |
|
7,00,00,000 |
|
|
|
|
|
To 8% Debenture A/c |
|
|
7,00,00,000 |
|
|
|
(8% Debenture allotment on 2,00,000 debentures @ ₹350 due) |
|
|
|
||
|
|
Bank A/c |
Dr. |
|
5,00,00,000 |
|
|
|
|
|
To 8% Debenture Allotment A/c |
|
|
5,00,00,000 |
|
|
|
(8% Debenture Allotment money received) |
|||||
APPEARS IN
संबंधित प्रश्न
On 1st April, 2014, KK Ltd. invited applications for issuing 5,000 10% debentures of Rs 1,000 each at a discount of 6%. These debentures were repayable at the end of 3rd year at a premium of 10%. Applications for 6,000 debentures were received and the debentures were allotted on pro-rata basis to all the applicants. Excess money received with applications was refunded.
The directors decided to transfer the minimum amount to Debenture Redemption Reserve on 31.3.2016. On 1.4.2016, the company invested the necessary amount in 9% bank fixed deposit as per the provisions of the Companies Act, 2013. Tax was deducted at source by bank on interest @10% p.a.
Pass the necessary journal entries for issue and redemption of debentures. Ignore entries relating to writing off loss on issue of debentures and interest paid on debentures.
On 1-4-2015 K.K. Ltd. issued 500, 9% Debentures of Rs 500 each at a discount of 4%, redeemable at a premium of 5% after three years.
Pass necessary Journal Entries for the issue of debentures and debenture interest for the year ended 31-3-2016 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.
On 1-4-2015 PVR Ltd. issued 750, 11% debentures of Rs 1,000 each at a discount of 5%, redeemable at a premium of 10% after three years. Interest on debentures is payable on 30th September and 31st March. PVR Ltd. closes its books on 31st March every year. The rate of tax deducted at source is 10%.
Pass necessary Journal Entries for the issue of debentures and the payment of interest for the year ended 31stMarch, 2016.
Raj Motors Ltd. converted its 400, 12% debentures of Rs 100 each issued at a discount of 6% into equity shares of Rs 10 each issued at a premium of 25%. Discount on issue of 12% debentures had not yet been written off.
Showing your working notes clearly, pass necessary journal entries for the above transactions in the books of Raj Motors Ltd.
On 1.4.2015, Neena Ltd. issued 800, 9% debentures of Rs 100 each at a discount of 5%, redeemable at a premium of 8% after five years. The company closes its books on 31st March every year. Interest on 9% debentures is payable on 30th September and 31st March. Rate of tax deducted at source is 10%.
Pass necessary journal entries for the issue of 9% debentures and payment of interest on 9% debentures for the year ended 31st March, 2016.
Vishesh Ltd. issued 10,000, 10% Debentures of Rs 100 each on 1st April, 2012. The issue was fully subscribed. According to the terms of issue, interest on debentures is payable half-yearly on 30th September and 31st March and tax deducted at source is 10%.
Pass the necessary journal entries related to the debentures interest for the half-yearly ending on 31st March, 2013 and transfer of interest on debentures for the year to Statement of Profit and Loss.
Pass necessary journal entries in the following cases:
Kim India Ltd. converted 1,000, 9% debentures of Rs 100 each issued at a discount of 10% into equity shares of Rs 100 each issued at a premium of 25%.
Sonali Ltd. redeemed 6,000, 12% debentures of Rs 100 each which were issued at a discount of Rs 10 per debentures by converting them into equity shares of Rs 100 each, Rs 90 paid up.
Give the average period in months for charging interest on drawings for the same amount withdraws at the beginning of each quarter.
Answer in a sentence only.
What do you mean by ‘Debenture Interest’?
Select most appropriate alternative from those given below :
The interest on debentures is transferred to __________.
State to whether the following statement is True/False.
The rate of interest on debentures is attached to the debenture
Dinesh Ltd. Issued 10,00,000 6% Debentures on 1st April, 2010. Interest is paid on 30 sept., 2010 and 31st March, 2011.
Record necessary journal entries assuming that income tax is deducted at 30% of the amount of interest.
G.Ltd. issued 75,00,000, 6% Debenture of Rs 50 each at par payable Rs 15 on application and Rs 35 on allotment, redeemable at par after 7 years from the date of issue of debenture. Record necessary entries in the books of Company.
Y.Ltd. issued 2,000, 6% Debentures of Rs 100 each payable as follows: Rs 25 on application; Rs 50 on allotment and Rs 25 on First and Final call.
A.Ltd. issued 10,000, 10% Debentures of Rs 100 each at a premium of 5% payable as follows:
Rs 10 on Application;
Rs 20 along with premium on allotment and balance on First and Final call. Record necessary Journal Entries.
A. Ltd. issued 4,000, 9% Debentures of Rs 100 each on the following terms:
Rs 20 on Application;
Rs 20 on Allotment;
Rs 30 on First call; and
Rs 30 on Final call.
The public applied for 4,800 Debentures. Applications for 3,600 Debentures were accepted in full. Applications for 800 Debentures were allotted 400 Debentures and applications for 400 Debentures were rejected.
R.Ltd. offered 20,00,000, 10% Debenture of Rs 200 each at a discount of 7% redeemable at premium of 8% after 9 years. Record necessary entries in the books of R. Ltd.
M.Ltd. took over assets of Rs 9,00,00,000 and liabilities of Rs 70,00,000 of S.Ltd. and issued 8%Debenture of Rs 100 each. Record necessary entries in the books of M. Ltd.
X.Ltd. issued 15,000, 10% debentures of Rs 100 each. Give journal entries and the Balance Sheet in each of the following cases:
(i) The debentures are issued at a premium of 10%;
(ii) The debentures are issued at a discount of 5%;
(iii) The debentures are issued as a collateral security to bank against a loan of Rs 12,00,000; and
(iv) The debentures are issued to a supplier of machinery costing Rs 13,50,000.
Which of the following statements is incorrect about debentures?
On 1st April 2021, Bhim Ltd. issued 2,000, 5% Debentures of ₹100 each as follows:
| (a) For cash at a discount of 5% | ₹80,000 (Nominal) |
| (b) To a vendor for ₹ 60,000 in satisfaction of his claim | ₹70,000 (Nominal) |
| (c) To Bankers for a loan of ₹40,000 as collateral security | ₹50,000 (Nominal) |
The interest on these debentures was to be paid annually on 31st March every year by the company.
You are required to calculate interest on these debentures payable by the company on 31st March, 2022.
The Balance Sheet of Anjum Ltd. as at 31st March 2022, had outstanding 1,000, 8% Debentures of ₹ 100 each. These debentures were to be redeemed by the company on 31st March 2023. Give the journal entry for the amount due to the Debenture holders on 31st March 2023, including the interest on debentures due to them.
