On 1st April, 2024, Varsha Ltd. purchased from Rama Ltd., furniture at ₹12,00,000 and machinery at ₹20,00,000. It also took over its liabilities amounting to ₹3,00,000. The purchase consideration of ₹35,00,000 was paid by issuing a bank draft of ₹2,00,000 and the balance by issue of 11% Debentures of ₹100 each, at a premium of … Read more
Pass necessary journal entries for the issue of debentures in the books of NK Ltd. for the following transactions: (i) Issued 500, 9% Debentures of ₹100 each at 10% discount, redeemable at a premium of 10% after 5 years. (ii) Issued 400, 9% Debentures of ₹100 each at 5% discount, redeemable at par after 5 … Read more
Roshni Ltd. purchased machinery worth ₹1,98,000 from Prakash Ltd. The purchase consideration was paid by issue of 8% debentures of ₹100 each at 10% discount. (i) Calculate the number of debentures issued. (ii) Pass necessary journal entries for purchase of machinery and issue of debentures. Marks-3, CBSE: 2024-25/Zone-7/Set-1/Q-19* Answer : The solution is available on … Read more
Pass necessary journal entries in the books of RR Ltd. for issue of debentures in the following cases: Issued 9,000, 9% debentures of ₹100 each at a discount of 10%, redeemable at a premium of 5% after 5 years. Issued 5,000, 11% debentures of ₹100 each at a premium of 10%, redeemable at a premium … Read more
Sandhya Ltd. took over the assets of ₹50,00,000 and liabilities of ₹7,00,000 of Guman Ltd. for purchase consideration of ₹40,00,000. The payment of purchase consideration was made by issue of 9% debentures of ₹100 each at a premium of 25% to Guman Ltd. Pass necessary journal entries for the above transactions in the books of … Read more
On 1st April, 2023, GI Ltd. issued 40,000, 12% debentures of ₹100 each at a premium of 10%, redeemable at par after five years. The company closes its books on 31st March every year. Interest on debentures is payable half-yearly on 30th September and 31st March every year. Marks-4, CBSE: 2024-25/Zone-5/Set-1/Q-21 Answer : The solution … Read more
Varsha Ltd. invited applications for issuing 2,000, 12% debentures of ₹100 each at a premium of ₹30 per debenture. Full amount was payable on application. Applications were received for 5,000 debentures. Applications for 3,000 debentures were rejected and application money was refunded. Debentures were allotted to the remaining applicants. Pass necessary journal entries for the … Read more
KM Ltd. acquired assets worth ₹7,20,000 and took over liabilities of ₹2,00,000 of LS Ltd. for a purchase consideration of ₹9,60,000. KM Ltd. issued 12% debentures of ₹100 each at a discount of 4% in favour of LS Ltd. for payment of purchase consideration. Pass necessary journal entries for the above transactions in the books … Read more
EF Ltd. invited applications for issuing 4,000, 10% debentures of ₹100 each at a premium of ₹10 per debenture. The amount was payable as follows : On application ₹40 per debenture On allotment ₹70 per debenture (including premium) The debentures were fully subscribed and all money was duly received. Pass necessary journal entries for the … Read more
Sunlock Ltd. purchased assets of book value ₹50,00,000 and took over liabilities of ₹6,00,000 from Moondock Ltd. It paid the purchase consideration by issue of 46,000, 8% debentures of ₹100 each at a discount of 10%. Record the journal entries in the books of Sunlock Ltd. Marks-3, CBSE: 2024-25/Zone-4/Set-1/Q-19(b) Answer : The solution is … Read more