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प्रश्न
Y Ltd. invited applications for issuing 2000, 9% debentures of Rs 100 each at a discount of 10%. The whole amount was payable at the time of application. Applications for 2400 debentures were received and pro-rata allotment was made to all the applicants.
Pass necessary journal entries for the issue of debentures.
उत्तर
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Journal |
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Date |
Particulars |
L.F. |
Debit Amount (Rs) |
Credit Amount (Rs) |
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Bank A/c (2,400 × 90) |
Dr. |
|
2,16,000 |
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|
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To Debenture Application & Allotment A/c |
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2,16,000 |
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(Amount received on 2,400 debentures issued at a discount of 10%, face value Rs 100) |
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Debenture Application & Allotment A/c |
Dr. |
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2,16,000 |
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Discount on Issue of Debentures A/c (2,000 × 10) |
Dr. |
|
20,000 |
|
|
|
To 9% Debentures A/c (2,000 × 100) |
|
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2,00,000 |
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To Bank A/c (400 × 90) |
|
|
36,000 |
|
|
|
(Application and allotment money received transferred to Debentures A/c and balance refunded) |
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संबंधित प्रश्न
State the two situations in which interest on partner's capital is generally provided.
C India Ltd. purchased machinery from B India Ltd. Payment to B India Ltd. was made as follows:
(i) By issuing 10,000 equity shares of Rs 10 each at a premium of 20%.
(ii) By issuing 1000, 9% debentures of Rs 100 each at a discount of 5%.
(iii) Balance by giving a bank draft of Rs 37,000.
Pass necessary journal entries in the books of C India Ltd. for the purchase of machinery and payment to B India Ltd.
Premium received on issue of shares is shown to __________.
The liability of shareholder in Joint Stock Company is _________.
The unpaid amount on allotment and calls may be transferred to _____________ account.
Give one word/term/phrase for the following statement.
The shares on which dividend is not fixed.
State whether you agree or disagree with following statement:
When the issued price of share is ₹ 12 and face value is ₹ 10, the share is said to be issued at premium.
Answer in one sentence only.
What is Calls-in-Arrears?
10000 equity shares of ₹ 10 each issued at 10% premium. Calculate the total amount of share premium.
Rohini Company Limited issued 25000 equity shares of ₹ 100 each payable as follows -
On Application ₹ 20
On Allotment ₹ 30
On First call ₹ 20
On Second & Final call ₹ 30
Applications were received for 22,000 equity shares and allotment of shares were made to them. All money was received by the company.
Pass Journal Entries in the books of Rohini Co. Ltd.
Net Assets minus Capital Reserve is ______.
Ganesh draws a bill for ₹ 40,000 on 15th January, 2020 for 2 months. He discounted the bill with Bank of India @ 15% p.a. on the same day. Calculate the amount of discount.
When a company issues shares at a premium, the company can collect securities premium along with the following :
Mukund Ltd. invited applications for issuing 50,000 equity shares of ₹ 10 each at 10% premium. The amount per share was payable as follows: ₹ 3 on application, ₹ 3 (including premium) on allotment and balance amount on first and final call. Applications were received for 1,20,000 shares and shares were allotted on pro-rata basis to all the applicants. The excess money received on application was adjusted towards sums due on allotment only. Application money in excess to sums due on allotment was refunded. A shareholder who had applied for 6,000 shares, could not pay the call money and his shares were forfeited.
Pass necessary Journal entries for the above transactions in the books of Mukund Ltd.
Which of the following statements is true?
Akasha Company Limited issued 25,000 equity shares of ~ 10 each payable as follows:
| On Application | ₹ 2 |
| On Allotment | ₹ 2 |
| On First call | ₹ 3 |
| On Final call | ₹ 3 |
Applications were received for 24,000 equity shares and allotment of shares were made to them. All money was received by the company.
Pass Journal Entries in the books of Akasha Company Limited.
Ananya Limited invited applications for 50,000 equity shares of ₹ 10 each payable as ₹ 2.50 on Application ₹ 5 on Allotment ₹ 2.50 on Final call.
Applications were received for 60,000 equity shares and pro-rata allotment were made to all. All the money was duly received except Final call on 5,000 equity shares.
Pass journal entries in the books of Ananya Limited and show it in the Balance sheet.
