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प्रश्न
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.
उत्तर
(a)
Journal
|
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
|
Bank A/c |
Dr. |
|
42,000 |
|
|
|
To Debenture Application A/c |
|
|
|
42,000 |
|
|
(400 debentures issued at Rs 100 at a premium of 5%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debenture Application A/c |
Dr. |
|
42,000 |
|
|
|
To 12% Debenture A/c |
|
|
|
40,000 |
|
|
To Securities Premium A/c |
|
|
|
2,000 |
|
|
(400 debentures issued at a premium of 5% and redeemable at par) |
|
|
|
|
(b)
Journal
|
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
|
Bank A/c |
Dr. |
|
73,500 |
|
|
|
To Debenture Application A/c |
|
|
|
73,500 |
|
|
(700 debentures issued at Rs 100 at a premium of 5%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debenture Application A/c |
Dr. |
|
73,500 |
|
|
|
Loss on Issue of Debentures A/c |
Dr. |
|
7,000 |
|
|
|
To 12% Debenture A/c |
|
|
|
70,000 |
|
|
To Securities Premium A/c |
|
|
|
3,500 |
|
|
To Premium on Redemption A/c |
|
|
|
7,000 |
|
|
(70,000 debentures issued at a premium of 5% and redeemable at Rs 110) |
|
|
|
|
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संबंधित प्रश्न
Short Answer Question
What is meant by ‘Issue of debentures for Consideration other than Cash’?
Short Answer Question
What is meant by ‘Issue of debenture at discount and redeemable at premium?
Vishwas Ltd. issued 2,000; 9% Debentures of ₹ 100 each payable as follows:
₹ 25 on application; ₹ 25 on allotment and ₹ 50 on first and final call.
Applications were received for all the debentures along with the application money did allotment was made . Call money was also received on the due date.
Pass necessary Journal entries in the books of the company.
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.
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.
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.
On 1st June, 2017, R Energy Ltd. issued 10,000, 7% Debentures of ₹ 100 each at a discount of 10% redeemable at a premium of 10% at the end of five years. All the debentures were subscribed and allotment was made.
Prepare the Balance Sheet (extract) as at 31st March, 2018.
On 1st April, 2017, Solar Power Ltd. issued 10,000, 8% Debentures of ₹ 100 each at a discount of 5% redeemable at a premium of 15% at the end of five years. All the debentures were subscribed and allotment was made. The company had balance in Securities Premium Reserve of ₹ 80,000.
Prepare the Balance Sheet (extract) as at 31st March, 2018.
Office Products Ltd, issued on 1st April, 2018, 20,000, 9% Debentures of ₹ 100 each at a premium of 10% redeemable at a premium of 5% after 5 years. Issue price was payable along with application. Pass the necessary Journal entries.
Fill in the blank.
For recording the issue of debentures as collateral security by a journal entry _______ account is debited.
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 ______.
Premium on redemption is shown under which head until debentures are redeemed?
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"
Loss on Issue of Debenture Account is shown:
Pick the odd one out:
Assertion (A): Debentures saves income tax.
Reason (R): Interest on debenture is tax deductible expenditure.
Debenture premium cannot be used to ______.
Loss on issue of debentures is treated as ______.
Interest on debentures is calculated on ______.
Debenture holders are the ______.
