Pass necessary journal entries for issue of 12% debentures in the books of Ghanshyam Ltd. in the following cases: (i) Issued 1,000, 12% debentures of ₹100 each at a premium of 10%, redeemable at a premium of 5%. (ii) Issued 5,000, 12% debentures of ₹100 each at a premium of 10%, redeemable at par. (iii) … Read more
On 1st April, 2021, Hitesh Ltd. took over assets of ₹8,00,000 and liabilities of ₹40,000 of Pranjal Ltd. at an agreed value of ₹8,30,000. Hitesh Ltd. paid the amount to Pranjal Ltd. as follows: (i) Gave an acceptance payable after 3 months for ₹2,00,000, and (ii) Issued 10% Debentures of ₹100 each at a discount … Read more
(a) On 1st October, 2021 Pihu Ltd. issued ₹15,00,000, 9% Debentures of ₹20 each at a discount of ₹6 per debenture. The company had a balance of ₹1,00,000 in Securities Premium Reserve Account on the same date. On 31st March, 2022 the company decided to write off discount on issue of debentures according to the … Read more
M Ltd. issued 10,000, 8% Debentures of ₹100 each at 6% discount. The amount was payable as ₹60 on application and the balance on allotment. All money was duly received. Pass necessary journal entries in the books of M Ltd. Marks-3, CBSE:2022-23/Zone-3/Set-1/Q-18* Answer :
i) Anand Ltd. purchased machinery worth ₹3,15,000 from Mahima Ltd. The payment was made by issue of 10% debentures of ₹100 each issued at a discount of 10%. Pass the necessary journal entries for purchase of machinery and debentures in the books of Anand Ltd. ii) Manas Ltd. issued 10,000, 7% debentures of ₹100 each … Read more
i) Neeraj Ltd. took over business of Ajay enterprises on 01-04-2020. The details of the agreement regarding the assets and liabilities to be taken over are: Particulars Book Value (₹) Agreed Value (₹) Building 20,00,000 35,00,000 Plant and machinery 12,00,000 8,00,000 Stock 4,00,000 4,00,000 Trade Receivables 5,00,000 4,00,000 Creditors 2,00,000 3,00,000 Outstanding Expenses 50,000 1,00,000 … Read more
(i) LT Ltd. purchased land from JSS Ltd. The payment was made by issuing a cheque for ₹10,00,000 and by accepting a bill of exchange for 6 months for ₹5,00,000. The balance amount was paid by issuing 5,000, 10% Debentures of ₹100 each at par redeemable at 10% premium after 3 years. Pass the necessary … Read more
Journalise the following transactions a) Mehar Ltd. issued ₹ 1,00,000, 12% Debentures of ₹ 100 each at a premium of 5% redeemable at a premium of 2% b) 12 % Debentures were issued at a discount of 10% to a vendor of machinery for payment of ₹ 9,00,000 c) Issue of 10,000 11% debentures of … Read more
(i) On 1st April, 2019, Bright Ltd. issued Rs. 4,00,000, 6% Debentures of Rs. 100 each at a discount of 5%, redeemable after three years. The amount per debenture was payable as follows: On Application – Rs. 80 per debenture On Allotment – Balance The debentures were fully subscribed and all money was duly received. … Read more
Pass the necessary journal entries for the issue of debentures for the following transactions : Anand Ltd. issued 800, 9% Debentures of Rs. 500 each at a premium of 20%, to the vendors for machinery purchased from them costing Rs. 4,80,000. Dawar Ltd. issued 5,000, 7% Debentures of Rs. 200 each at a premium of … Read more