Anthony Ltd. issued 20,000, 9% Debentures of ₹100 each at 10% discount to Mithoo Ltd. from whom Assets of ₹23,50,000 and Liabilities of ₹6,00,000 were taken over. Pass entries in the books of Anthony Ltd. if these debentures were to be redeemed at 5% premium. Marks-3, CBSE:2022-23/Sample/Q-19* Answer : Back
Pass necessary journal entries for the following transactions relating to the issue of debentures: (a) Gagan Limited issued ₹10,00,000, 9% Debentures of ₹100 each at a premium of 5%, redeemable at par after four years. (b) KS Limited issued ₹10,00,000, 10% Debentures of ₹100 each at par, redeemable at 10% premium after four years. (c) … Read more
Shovan Limited took over the assets of ₹60,00,000 and liabilities of ₹10,00,000 from Swami Limited for an agreed purchase consideration of ₹45,00,000. The amount was payable by issuing 10% debentures of ₹100 each at 25% premium. Pass necessary journal entries for the above transactions in the books of Shovan Limited. Marks-3, CBSE:2022-23/Zone-1/Set-1/Q-19* Answer : Back
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 l0% 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. … Read more
On 1.4.2021 Y Ltd. invited applications for issuing 10,000, 9% debentures of ₹100 each at a discount of 6%. The entire amount was payable with application. Application for 12,000, 9% debentures were received. 9% debentures were allotted on pro-rata basis to all the applicants. Excess money received with applications was refunded. On 31.3.2022 the company … Read more
Sinco Ltd purchased assets of the book value of ₹1,98,000 from Dixon Ltd. It was agreed that the purchase consideration be paid by issuing 10% debentures of ₹100 each. Record the necessary journal, entries in the books of Sinco Ltd. assuming that the debentures have been issued: At a discount of 10%, At a premium … Read more
Pass the necessary journal entries for the issue of 9% debentures in the following cases: (a) Issued ₹5,00,000, 9% debentures of ₹100 each at par, redeemable at par, after three years. (b) Issued 4,000, 9% debentures of ₹100 each at a discount of 3%, redeemable at a premium of 10% after five years. (c) Issued … Read more
XZ Ltd. invited applications for issuing 5000, 9% debentures of ₹100 each. The amount was payable as follows: On application….. ₹40 per debenture On allotment….. Balance Applications for 10,000 debentures were received. Applications for 2,000 debentures were rejected and the application money of these applicants was refunded to them. Pro-rata allotment was made to the … Read more
BX Ltd. took over a building worth ₹3,00,000, machinery worth ₹2,00,000, furniture worth ₹30,000 and its liabilities of ₹40,000 from PQ & Company for a purchase consideration of ₹6,00,000. BX Ltd. paid the purchase consideration by issuing 11% debentures of ₹100 each at a premium of 20%. Pass necessary journal entries for the above transactions … Read more
Pass journal entries relating to issue of debentures for the following transactions: (a) Issued 8,000, 10% debentures of ₹100 each at a discount of 10%, redeemable at 5% premium. (b) Issued 4,000, 12% debentures of ₹100 each at 10% premium, redeemable at 6% premium. (c) Issued 1,00,000, 9% debentures of ₹100 each at par redeemable … Read more