Romerio Ltd. issued 80,00,000, 8% debentures of ₹100 each on 1st April, 2023 at par, redeemable at a premium of 5%. The company had ₹3,00,000 in its Securities Premium Account. Give journal entries in the books of Romerio Ltd. relating to the: Issue of Debentures. Debenture interest for the year ending 31st March, 2024 assuming … Read more
Mallark Ltd. purchased assets of book value ₹40,00,000 and took over liabilities of ₹5,00,000 from Naroha Ltd. It was agreed that the purchase consideration, ₹36,00,000 be paid by issuing 7% debentures of ₹100 each at a premium of 20%. Record the journal entries in the books of Mallark Ltd. for the above transactions. Marks-3, CBSE: … Read more
Ridyum Limited issued 5,000, 9% debentures of ₹500 each at a premium of 10%. The amount was payable as follows: On Application — ₹200 per debenture On Allotment — Balance (including premium) The debentures were fully subscribed and all amounts were duly received. Pass the necessary journal entries for issue of debentures in the books … Read more
Pass necessary journal entries for issue of debentures for the following transactions: Kiero Ltd. issued 80,000, 9% debentures of ₹100 each at par, redeemable at a premium of 10%. Naro Ltd. issued 50,000, 10% debentures of ₹100 each at a premium of 5%, redeemable at a premium of 10%. Marks-4, CBSE: 2024-25/Zone-1/Set-1/Q-21 Answer : The … Read more
Apoorv Ltd. acquired building worth ₹15,50,000, Machinery worth ₹11,40,000 and Furniture worth ₹1,10,000 from Dhruv Ltd. and took over its liabilities of for a purchase consideration of ₹25,00,000. Apoorv Ltd. paid the purchase consideration by issuing 12% debentures of ₹100 each at a premium of 25%. Pass the necessary journal entries in the books of … Read more
Delight Ltd. purchased assets worth ₹4,00,000 and took over liabilities of ₹70,000 of Marvel Ltd. for a purchase consideration of ₹3,60,000. Delight Ltd. paid the purchase consideration by issuing 11% debentures of ₹100 each at a premium of 20%. Pass necessary journal entries in the books of Delight Ltd. Marks-3, CBSE: 2024-25/Zone-1/Set-1/Q-19(a) Answer : The … Read more
Prime Ltd. took over assets of ₹6,00,000 and liabilities of ₹1,00,000 of Rabi Ltd. for a purchase consideration of ₹3,60,000. Prime Ltd. issued 10% debentures of ₹100 each at a discount of 10% in full satisfaction of purchase consideration. Pass necessary journal entries in the books of Prime Ltd. Marks-3, CBSE: 2024-25/Zone-1/Set-1/Q-19(b) Answer : The … Read more
Ajanta Ltd. purchased machinery worth ₹36,00,000 from Sujata Ltd. Ajanta Ltd. paid half the amount to Sujata Ltd. through a bank draft and the balance by issuing 8% debentures of ₹100 each at a discount of 10%. Pass the necessary journal entries in the books of Ajanta Ltd. for the above transactions. Marks-3, CBSE: 2024-25/Zone-2/Set-1/Q-19(b) … Read more
a) Pass the necessary journal entries for ‘Issue of Debenture’ for the following: Arman Ltd. issued 750, 12% Debentures of ₹100 each at a discount of 10% redeemable at a premium of 5%. Sohan Ltd. issued 800, 9% Debentures of ₹100 each at a premium of 20 per debenture redeemable at a premium of ₹10 … Read more
Buddha Limited took over assets of ₹40,00,000 and liabilities of ₹6,50,000 of Ginny Limited. Buddha Limited issued 30,000, 8% Debentures of ₹ 100 each at 10% discount, to be redeemed at 5% premium along with cheque of ₹5,00,000. Pass necessary journal entries in the books of Buddha Ltd. Mark-3, CBSE: 2024-25/Sample/Q-19* Answer : The solution … Read more