Advertisements
Advertisements
प्रश्न
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.
उत्तर
In the books of Mathew Ltd.
Loss on Issue of Debentures A/c
Dr. Cr.
|
Date |
Particulars |
Amount (₹) |
Date |
Particulars |
Amount (₹) |
||
| 2015 |
|
2016 |
|
||||
| April 01 | To 9% Debentures A/c |
1,00,000 |
March 31 | By Statement of Profit & Loss A/c |
1,00,000 |
||
|
1,00,000 |
1,00,000 |
||||||
9% Debentures A/c
Dr. Cr.
|
Date |
Particulars |
Amount (₹) |
Date |
Particulars |
Amount (₹) |
||
| 2016 |
|
2015 |
|
||||
| March 31 | To Debentureholders A/c |
2,00,000 |
April 01 | By Debenture Application & Allotment A/c |
9,50,000 |
||
| March 31 | To balance c/d |
8,00,000 |
April 01 | By Loss on Issue of Debentures A/c |
50,000 |
||
|
10,00,000 |
10,00,000 |
||||||
| 2017 |
|
2016 |
|
||||
| March 31 | To Debentureholders A/c |
5,00,000 |
April 01 | By balance b/d |
8,00,000 |
||
| March 31 | To balance c/d |
3,00,000 |
|
||||
|
8,00,000 |
8,00,000 |
||||||
| 2018 |
|
2017 |
|
||||
| March 31 | To Debentureholders A/c |
3,00,000 |
April 01 | By balance b/d |
3,00,000 |
||
|
3,00,000 |
3,00,000 |
||||||
Premium on Redemption of Debentures A/c
Dr. Cr.
|
Date |
Particulars |
Amount (₹) |
Date |
Particulars |
Amount (₹) |
||
| 2016 |
|
2015 |
|
||||
| March 31 | To Debentureholders A/c |
10,000 |
April 01 | By Loss on Issue of Debentures A/c |
50,000 |
||
| March 31 | To balance c/d |
40,000 |
|
||||
|
50,000 |
50,000 |
||||||
| 2017 |
|
2016 |
|
||||
| March 31 | To Debentureholders A/c |
25,000 |
April 01 | By balance b/d |
40,000 |
||
| March 31 | To balance c/d |
15,000 |
|
||||
|
40,000 |
40,000 |
||||||
| 2018 |
|
2017 |
|
||||
| March 31 | To Debentureholders A/c |
15,000 |
April 01 | By balance b/d |
15,000 |
||
|
15,000 |
15,000 |
||||||
APPEARS IN
संबंधित प्रश्न
Short Answer Question
Name the head under which ‘discount on issue of debentures’ appears in the Balance Sheet of a company.
B. Ltd. issued debentures at 94% for Rs 4,00,000 on April 01, 2011 repayable by five equal drawings of Rs 80,000 each. The company prepares its final accounts on March 31 every year.
Indicate the amount of discount to be written-off every accounting year assuming that the company decides to write-off the debentures discount during the life of debentures. (Amount to be written-off: 2012 Rs 8,000; 2013 Rs 6,400; 2014 Rs 4,800; 2015 Rs 2,000; 2016 Rs 1,600).
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%.
Nipa Limited issued ₹ 10,00,000 Debentures of ₹ 100 each at a premium of 10% , payable 25% on application (including premium) and the balance on allotment . The debentures were applied for and the amount was dully received.
You are required to give Journal entries and prepare Cash Book.
Alok Ltd. issued 7,000, 10% Debentures of ₹ 500 each at a premium of ₹ 50 per debenture redeemable at a premium of 10% after 5 years. According to the terms of issue, ₹ 200 was payable on application and balance on allotment.
Record necessary Journal entries at the time of issue of 10% Debentures.
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.
Wellbeing Ltd. took over assets of ₹ 9,80,000 and liabilities of ₹ 40,000 of HDR Ltd. at an agreed value of ₹ 9,00,000. Wellbeing Ltd. paid to HDR Ltd. by issue of 9% Debentures of ₹ 100 each at a premium of 20%. Pass necessary Journal entries to record the above transactions in the books of Wellbeing Ltd.
'Sangam Woollens Ltd.', Ludhiana, are the manufacturers and exporters of woollen garments. The company decided to distribute free of cost woollen garments to 10 villages of Lahaul and Spiti District of Himachal Pradesh. The company also decided to employ 50 young persons from these villages in its newly established factory. The company issued 40,000 Equity Shares of ₹ 10 each and 1,000, 9% Debentures of ₹ 100 each to the vendor for the purchase of machinery of ₹ 5,00,000. Pass necessary Journal entries.
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%.
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.
Discount on issue of debentures is shown under the following head in the Balance Sheet?
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"
Pick the odd one out:
Which of the following statement is true?
Discount on issue of debentures is a ______
A company can issue debentures:
Madhur Ltd. has outstanding 9% debentures of Rs. 50,00,000 redeemable at par on January 01, 2020. Debenture Redemption Reserve of Rs. 2,00,000 on March 31, 2018 and balance of the required amount of DRR was created on March 31, 2019. The company invested in specified securities (DRI) the required amount on April 01, 2019. Debentures were redeemed on the due date. Record necessary journal entries in the books of the company and also prepare the ledger accounts (ignore interest).
MK Ltd. has outstanding Rs. 30,000 11% debentures of Rs. 100 each redeemable at 10% premium as follows:
| March 31, 2018 - | 10,000 debentures |
| March 31, 2019 - | 12,000 debentures |
| March 31, 2020 - | Remaining debentures |
Pass necessary journal entries in the books of the company.
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:
- Debentures are issued at par and redeemable at par.
- Debentures are issued at a premium of 10% and redeemable at par.
- Debentures are issued at a discount of 10% and redeemable at par.
- Debenture are issued at par but redeemable at a premium of 10%.
- Debentures are issued at a premium of 10% and redeemable at premium of 10%.
- Debenture are issued at a discount of 10% and redeemable at a premium of 10%.
