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प्रश्न
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%.
उत्तर
Journal
|
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
(a) |
Bank A/c |
Dr. |
|
42,000 |
|
|
|
To 12% Debenture Application A/c |
|
|
42,000 |
|
|
|
(Debenture application money received) |
|
|
|
|
|
|
|
|
|
|
|
|
|
12% Debenture Application A/c |
Dr. |
|
42,000 |
|
|
|
To 12% Debentures A/c |
|
|
40,000 |
|
|
|
To Securities Premium A/c |
|
|
2,000 |
|
|
|
(Debenture application money transferred to 12% Debentures account and securities premium account) |
|
|
|
|
Journal
|
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
(b) |
Bank A/c |
Dr. |
|
36,000 |
|
|
|
To 12% Debenture Application A/c |
|
|
36,000 |
|
|
|
(Debenture application money received) |
|
|
|
|
|
|
|
|
|
|
|
|
|
12% Debenture Application A/c |
Dr. |
|
36,000 |
|
|
|
Discount on Issue of Debentures A/c |
Dr. |
|
4,000 |
|
|
|
To 12% Debentures A/c |
|
|
40,000 |
|
|
|
(Debentures of Rs 40,000 issued at 10% discount) |
|
|
|
|
Journal
|
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
(c) |
Bank A/c |
Dr. |
|
40,000 |
|
|
|
To 12% Debenture Application A/c |
|
|
40,000 |
|
|
|
(Debenture application money received) |
|
|
|
|
|
|
|
|
|
|
|
|
|
12% Debenture Application A/c |
Dr. |
|
40,000 |
|
|
|
Loss on Issue of Debentures A/c |
Dr. |
|
4,000 |
|
|
|
To 12% Debentures A/c |
|
|
40,000 |
|
|
|
To Premium on Redemption A/c |
|
|
4,000 |
|
|
|
(Debentures of Rs 40,000 issued at par with the term repayable at 10% premium) |
|
|
|
|
Journal
|
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
(d) |
Bank A/c |
Dr. |
|
38,000 |
|
|
|
To 12% Debenture Application A/c |
|
|
38,000 |
|
|
|
(Debenture application money received) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debenture Application A/c |
Dr. |
|
38,000 |
|
|
|
Discount on Issue of Debenture A/c |
Dr. |
|
2,000 |
|
|
|
Loss on Issue of Debenture A/c |
Dr. |
|
2,000 |
|
|
|
To 12% Debentures A/c |
|
|
40,000 |
|
|
|
To Premium on Redemption A/c |
|
|
2,000 |
|
|
|
(Debentures of Rs 40,000 issued at 5% discount with the term repayable at 5% premium) |
|
|
|
|
Journal
|
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
(e) |
Bank A/c |
Dr. |
|
44,000 |
|
|
|
To 12% Debenture Application A/c |
|
|
44,000 |
|
|
|
(Debenture application money received) |
|
|
|
|
|
|
|
|
|
|
|
|
|
12% Debenture Application A/c |
Dr. |
|
44,000 |
|
| Loss on Issue of Debentures A/c | Dr. | 4,000 | |||
|
|
To 12% Debentures A/c |
|
|
40,000 |
|
|
|
To Securities Premium A/c |
|
|
4,000 |
|
| To Premium on Redemption A/c | 4,000 | ||||
|
|
(Debenture of Rs 40,000 issued at 10% premium with the term payable at 10% premium) |
|
|
|
|
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संबंधित प्रश्न
Short Answer Question
What is meant by an ‘Irredeemable Debenture’?
Short Answer Question
Name the head under which ‘discount on issue of debentures’ appears in the Balance Sheet of a company.
B.Ltd. purchased assets of the book value of Rs 4,00,000 and took over the liability of Rs 50,000 from Mohan Bros. It was agreed that the purchase consideration, settled at Rs,3,80,000, be paid by issuing debentures of Rs 100 each.
What Journal entries will be made in the following three cases, if debentures are issued: (a) at par; (b) at discount; (c) at premium of 10%? It was agreed that any fraction of debentures be paid in cash.
A.Ltd. issued 50,00,000, 8% Debenture of Rs 100 at a discount of 6% on April 01, 2009 redeemable at premium of 4% by draw of lots as under:
20,00,000 Debentures on March, 2011
10,00,000 Debentures on March, 2013
20,00,000 Debentures on March, 2014
Compute the amount of discount to be written-off in each year till debentures are paid. Also prepare discount/loss on issue of debenture account.
Iron Products Ltd. issued 5,000; 9% Debentures of ₹ 100 each at a premium of ₹ 40 payable as follows;
(i) ₹ 40 , including premium of ₹ 10 on applications;
(ii) ₹ 45, including premium of ₹ 15 on allotment ; and
(iii) Balance as first and final call.
The issue was subscribed and allotment made. Calls were made and due amount was received .
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.
Amrit Ltd . was promoted by Amrit and Bhaskar with an authorised capital of ₹ 10,00,000 divide into 1,00,000 shares of ₹ 10 each.
The company decided to issue 1,000,6% Debentures of ₹ 100 each to Amrit and Bhaskar each for their services in incorporating the company.
Pass journal entry.
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.
'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.
Footfall Ltd. issues 10,000 Debentures of ₹ 100 each at a discount of 10% redeemable at a premium of 5% after the expiry of three years.
Pass Journal entries for the issue of these debentures.
Pass necessary Journal entries relating to the issue of debentures for the following:
(a) Issued ₹ 28,000; 10% Debentures of ₹ 100 each at a premium of 15% redeemable at par.
(b) Issued ₹ 30,000; 10% Debentures of ₹ 100 each at a premium of 10% and redeemable at a premium of 15%.
(c) Issued ₹ 80,000; 10% Debentures of ₹ 100 each at par repayable at a premium of 10%.
Pass necessary Journal entries for the issue of debentures in the following cases:
(a) ₹ 40,000; 12% Debentures of ₹ 100 each issued at a premium of 5% redeemable at par.
(b) ₹ 70,000; 12% Debentures of ₹ 100 each issued at a premium of 5% redeemable at ₹ 110.
Bright Ltd. issued 5,000; 10% Debentures of ₹ 100 each on 1st April, 2015 . The issue was fully subscribed . According to the terms of issue, interest on the debentures is payable half-yearly on 30th September and 31st March and the tax deducted at source is 10%.
Pass necessary journal entries related to the debenture interest for the year ending 31st March , 2016 and transfer of interest on debentures of the year to the Statement of Profit and Loss .
Which of the following given statement is correct.
Statement 1 - "Debenture is written instrument acknowledging a debt under the common seal of the company"
Statement 2 - Debenture is oral instrument acknowledging a debt under the common seal of the company"
The debentures are issued with a specified rate of interest, which is called the coupon rate are known as which types of debentures?
A debenture is a ______.
Pick the odd one out:
When the debenture of face value of ₹ 100 is issued at ₹ 100 is called, issue off debenture at ______.
Assertion (A): Issue of debenture does not result in dilution of interest of equity shareholders.
Reason (R): Debenture holders have voting rights.
