Past Year Papers Chapter wise Solutions

Company - Issue of Debentures

X Ltd. invited applications for issuing 1000, 9% debentures of Rs.  100 each at a discount of 6%. Applications for 1,200 debentures were received. Pro-rata allotment was made to all the applicants. Pass necessary Journal Entries for the issue of debentures assuming that the whole amount was payable with applications....

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Rama Ltd. took over the following assets and liabilities of Krishna Ltd. on 1st April, 2019:   Rs. Land and Building 50,00,000 Furniture 10,00,000 Stock 5,00,000 Creditors 7,00,000 The purchase consideration of Rs. 60,00,000 was paid by issuing 12% debentures of Rs. 100 each at a premium of 20%.  Pass...

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Journalise the following transaction at the time of issue of 12% debentures; Nandan Ltd. issued Rs.  90,000, 12% debentures of Rs.  100 each at a discount of 5% redeemable at 110%. Marks-2/6, CBSE:2016-17/Comp-DL/Q-13 Answer Previous Or Next Back

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Vayee Ltd. purchased the following assets of E.X. Ltd.: Land and Building of Rs.  60,00,000 at Rs.  84,00,000; Plant and Machinery of Rs.  40,00,000 at Rs.  36,00,000. The purchase consideration was Rs.  1,10,00,000. Payment was made by accepting a Bill of Exchange in favour of E.X. Ltd. of Rs.  20,00,000...

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Kati Ltd. issued 8,000, 9% debentures of Rs. 100 each at a discount of 10%. The full amount was payable on application. Applications were received for 9,000 debentures and allotment was made on pro-rata basis. Pass the necessary journal entries for the above transactions in the books of Kati Ltd....

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X Ltd. has 4,000 12% debentures of Rs. 100 each on 1st April, 2018. According to the terms of issue interest on debentures is payable half yearly on 30th September and 31st March and the rate of tax deducted at source is 10%. Pass necessary journal entries for interest on...

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Hero Ltd. purchased plant and machinery for Rs. 18,00,000 from Pearl Machines Ltd. payable Rs. 3,00,000 by drawing a promissory note and the balance by issue of 9% debentures of Rs. 100 each at a premium of 20%. Pass the necessary journal entries in the books of Hero Ltd. for...

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Garvit Ltd. invited applications for issuing 3,000, 11% Debentures of Rs.  100 each at a discount of 6%. The full amount was payable on application. Applications were received for 3,600 debentures.  Applications for 600 debentures were rejected and the application money was refunded. Debentures were allotted to the remaining applicants....

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‘UZ Ltd.’ purchased Plant and Machinery from Elk Machine Ltd. for Rs.  6,90,000. Elk Ltd. was paid by accepting a draft of Rs.  90,000 payable after three months and the balance by issue of 6% debentures of Rs.  100 each at a discount of 20%. Pass necessary journal entries for...

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‘ZK Ltd.’ issued Rs.  4,00,000, 9% Debentures of Rs.  100 each at a discount of 5% redeemable at a premium of 10%. Pass necessary journal entries for the above transactions in the books of ‘ZK Ltd.’ Marks-3, CBSE:2018-19/Main/02/Q-8* Answer Previous Or Next Back

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Nano Ltd. purchased assets of Dow Ltd. for Rs.  3,00,000. It also agreed to take over the liabilities of Dow Ltd. amounting to Rs.  50,000 for a purchase consideration of Rs.  2,75,000. The payment to Dow Ltd. was made by issue of 8% Debentures of Rs.  50 each at a...

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Pass necessary journal entries and prepare 9% Debentures Account for the issue of 7,500, 9% Debentures of Rs.  50 each at a discount of 6%, redeemable at a premium of 10%. Marks-3, CBSE:2018-19/Main/04/Q-10 Answer Previous Or Next Back

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Complete the following Journal Entries Marks-3, CBSE:2018-19/Sample/Q-9* Answer Previous Or Next Back

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S. Singh Limited obtained a loan of ₹ 5,00,000 from State Bank of India @ 10 % interest. The company issued ₹ 7,50,000, 10 % debentures of ₹ 100/- each, in favor of State Bank of India as collateral security. Pass necessary journal entries for the above transactions: When company...

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K K Limited obtained a loan of Rs. 10,00,000 from State Bank of India @ 9 % interest. The company issued Rs. 15,00,000, 9 % debentures of Rs. 100/- each, in favour of State Bank of India as collateral security. Pass necessary Journal entries for the above transactions: (i) When...

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V K Limited purchased machinery from Modern Equipment Manufacturers Limited. The company paid the vendors by issue of some equity shares and debentures and the balance through an acceptance in their favour payable after three months. The accountant of the company, while Journalising the above mentioned transactions, left some items...

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Z Ltd. purchased machinery from K Ltd. Z Ltd. paid K Ltd as follows: (i) By issuing 5,000 equity shares of Rs.  10 each at a premium of 30%. (ii) By issuing 1000, 8% Debentures of Rs.  100 each at a discount of 10%. (iii) Balance by giving a promissory...

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Venus Ltd., is a real estate company. To discharge its corporate Social Responsibility, it decided to construct a night shelter for the homeless. The company took over assets of Rs.   10,00,000 and liabilities of Rs.   1,80,000 of Cayns Ltd. for Rs.   7,60,000. Venus Ltd. issued 9% Debentures...

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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...

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(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...

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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...

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Vashya Ltd. issued 30,000, 10% Debentures of Rs. 100 each as collateral security for a loan of Rs. 25,00,000 taken from Bank of India. Fill in the blanks for the journal entry for issue of debentures as a collateral security:  Vashya Ltd. Journal Date Particulars L.F. Dr. Rs. Cr. Rs....

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