On 1st April, 2022, Ardhaan Ltd. issued 10,000, 9% Debentures of ₹ 100 each at a discount of 5%, redeemable at a premium of 10% after five years. The company had a balance of ₹ 80,000 in Securities Premium Account. (a) Pass necessary journal entries for issue of debentures and for writing off ‘Loss on … Read more
On 1st April, 2023, Simple Ltd. took over assets of ₹ 5,00,000 and liabilities of ₹ 1,00,000 from Temur Ltd. at an agreed value of ₹ 16,00,000. Simple Ltd. paid the amount to Temur Ltd. as follows: (i) Issued a bank draft of ₹ 1,00,000. (ii) Issued 8% Debentures of ₹ 100 each at a … Read more
Sheetal Ltd. purchased building worth ₹ 2,50,000, plant and machinery worth ₹ 2,00,000, furniture worth ₹ 40,000 and took over liabilities of ₹30,000 from Poonam Ltd. for a purchase consideration of ₹ 4,40,000. The purchase consideration was paid by issuing 12% Debentures of ₹ 100 each at a premium of 10%. Pass the necessary journal … Read more
Pass Journal entries relating to issue of debentures in the books of Novex Ltd. in each of following cases: Issued 30,000, 10% Debentures of Rs.100 each at a premium of 10%, redeemable at par. Issued 4,000, 10% Debentures of Rs.100 each at a premium of 15%, redeemable at a premium of 10%. Issued 5,000, 10% … Read more
On 1st October, 2022 Ninza Ltd. issued 4,000, 8% Debentures of Rs. 100 each at a discount of 10%. The company had a balance of Rs. 50,000 in Securities Premium Account on the same date. Pass necessary Journal entries for issue of debentures and to write off discount on issue of debentures. Marks-3, CBSE: 2023-24/Zone-5/Set-1/Q-19b* … Read more
Chavi Ltd. purchased machinery from Neo Ltd. It was agreed that the purchase consideration will be paid by issuing 10,000 equity shares of Rs. 10 each at a premium of 10% and a bank draft of Rs. 50,000. Pass the necessary Journal entries in the books of Chavi Ltd. for the above transactions. Marks-3, CBSE: … Read more
Pass necessary journal entries relating to issue of debentures and to write off discount/loss on issue of debentures in the books of Ajanta Ltd. in the following cases: 200, 9% debentures of Rs. 1,000 each are issued at 10% discount and redeemable at par. Balance in Securities Premium account is Rs.15,000. Rs. 300, 11% debentures … Read more
On 1st April, 2022, Helloix Ltd. issued 10,000, 7% Debentures of Rs. 500 each at a premium of 10%, redeemable at a premium of 5% after five years. The company had a balance of Rs. 1,50,000 in the Securities Premium Account before the issue. (a) Pass necessary journal entries for issue of debentures and for … Read more
Gundola Ltd. took over assets of Rs. 9,00,000 and liabilities of Rs. 3,00,000 from AK Ltd. for an agreed purchase consideration of Rs. 14,00,000. The payment was made through a bank draft of Rs. 5,00,000 and the remaining by issue of 8% Debentures at a discount of 10%. Record necessary journal entries in the books … Read more
Sumi Ltd. acquired assets of Rs. 8,00,000 and took over sundry creditors of Rs. 2,00,000 from Pandora Ltd. for a purchase consideration of Rs. 9,00,000. The payment was made by issuing a cheque of Rs. 4,60,000 and remaining by issue of 9% Debentures of Rs. 100 each at a premium of 10%. Pass necessary journal … Read more