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प्रश्न
'Vimal Ltd. purchased assets a worth ₹ 5,00,000 and took over liabilities of ₹ 1,00,000 of Kapil Ltd. for a purchase consideration of ₹ 4,50,000. Vimal Ltd. paid one third of the amount of cheque and balance was settled by issuing 11% debentures of 100 each at a premium of 20%.
Pass necessary journal entries in the books of Vimal Ltd. for the above transactions.
उत्तर
| Journal | ||||
| Date | Particulars | L.F. | Debit (₹) | Credit (₹) |
| Sundry Assets A/c ...Dr. | 5,00,000 | |||
| Goodwill A/c (Bal. Fig.) ...Dr. | 50,000 | |||
| To Liabilities A/c | 1,00,000 | |||
| To Kapil Ltd. | 4,50,000 | |||
| (Being purchase of assets and liabilities of Kapil Ltd.) | ||||
| Kapil Ltd. ...Dr. | 1,50,000 | |||
| To Bank A/c | 1,50,000 | |||
| (Being one-third amount of purchase consideration due to Kapil Ltd. paid by cheque) | ||||
| Kapil Ltd. ...Dr. | 3,00,000 | |||
| To 11 % Debentures A/c | 2,50,000 | |||
| To Securities Premium Reserve A/c | 50,000 | |||
| (Being remaining amount of purchase consideration discharged by issue of 2,500, 11 % debentures of ₹ 100 each at a premium at 20%) | ||||
Working Notes:
Amount paid by cheque = `1/3 xx ₹ 4,50,000`
= ₹ 1,50,000
Number of Debentures Issued = ` (₹ 4,50,000 - ₹ 1,50,000) / (₹ 100 + ₹ 20) = (₹ 3,00,000)/ (₹ 120)`
= ₹ 2,500.
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संबंधित प्रश्न
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Pass necessary journal entries for the issue of 9% debentures and debenture interest for the year ended 31.3.2016.
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Pass necessary Journal Entries in the books of the company for the above transactions.
X Ltd. redeemable 100, 6% Debentures of Rs 100 each by converting them into Equity Shares of Rs 100 each. The 6% Debentures were redeemable at 10% premium for which the Equity Shares were issued at 25% premium. Pass the necessary Journal entries for the redemption of above mentioned debentures in the books of X Ltd.
Pass the necessary Journal entries of the issues and redemption of Debentures in the following cases:
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Pass necessary Journal entries for the above transaction in the books of Nav Lakshmi Ltd
X Ltd. obtained a loan of Rs. 4,00,000 from IDBI Bank. The company issued 5,000, 9% Debentures of Rs. 100 each as collateral security for the same. Show how these items will be presented in the Balance Sheet of the company.
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The issue of debentures less than the face value is called ___________.
State to whether the following statement is True/False.
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As per Companies Act 2013, Securities Premium Balance can be utilised for which of the following purpose?
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- Pass entries for issue of Debentures.
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- Pass entries for Interest on debentures on March 31, 2022 assuming interest is payable on 30 September and 31 March every year.
Pass journal entries relating to issue of debentures for the following transactions:
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- Issued 4,000, 12% debentures of ₹ 100 each at 10% premium, redeemable at 6% premium.
- Issued ₹ 1,00,000, 9% debentures of ₹ 100 each at par redeemable at par.
- Issued ₹ 5,00,000, 9% debentures of ₹ 100 each at 10% premium redeemable at par.
- Issued ₹ 6,000, 9% debentures of ₹ 100 each at a discount of 10% redeemable at par.
Pass necessary journal entries for the issue of debentures in the following cases :
- Issued ₹ 75,00,000, 9% debentures of ₹100 each at a premium of 10% redeemable at a premium of 5% after 3 years.
- Issued 8,000, 9% debentures of ₹100 each at a discount of 6% redeemable at a premium of 3% after 5 years.
- Issued 90,000, 9% debentures of ₹100 each at par, redeemable at par after 4 years.
Pass necessary journal entries for the issue of debentures in the following cases :
- Issued ₹ 7,00,000, 9% debentures of ₹ 100 each at a premium of 20% redeemable at a premium of 10% after 6 years.
- Issued 10,000, 12% debentures of ₹ 100 each at 10% discount redeemable at a premium of 5% after 5 years.
- Issued 75,000, 12% debentures of ₹ 100 each at par, redeemable at premium of 10% after three years.
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- When debentures were issued at 10% premium, redeemable at 5% premium.
- When debentures were issued at 5% discount, redeemable at 10% premium.
- When debentures were issued at par, redeemable at a premium of 10%
On 1st April, 2023, Ruth Ltd. purchased Plant and Machinery for ₹ 11,00,000 from Pablo Ltd. payable as to ₹ 1,00,000 by accepting a promissory note and the balance by an issue of 11% Debentures of ₹ 100 each at a premium of 10% to be redeemed at a premium of 2 % after six years. You are required to pass journal entries in the books of Ruth Ltd. only to record the payment made to Pablo Ltd.
The following balances have been extracted from the books of Nirvana Ltd, as at 31st March, 2024:
| Particulars | (₹) | Particulars | (₹) |
| Security deposit for electricity for ten years | 30,000 | Uncalled amount on partly paid-up shares | 8,00,000 |
| Underwriting commission | 20,000 | 10% Debentures | 5,00,000 |
| General Reserve | 70,000 | Statement of P/L (Dr.) | 10,000 |
| Fixed Deposits | 2,00,000 | Calls-in arrears @ ₹ 1 per share | 40,000 |
| Premium on redemption of Debentures | 20,000 | Securities Premium | 2,00,000 |
| Equity Share Capital (1,00,000 shares of ₹ 10 each) |
10,00,000 |
You are required to show the above items in Notes to Accounts accompanying the Balance Sheet of Nirvana Ltd. prepared as per Schedule III of the Companies Act 2013 as at 31st March, 2024.
