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. Pass the necessary journal entries … Read more
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 the above transactions. Marks-3/6, CBSE:2019-20/Main/05/Q-20* … Read more
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 debentures for the year 2018-19. … Read more
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. Marks-3/6, CBSE:2019-20/Main/02/Q-20* Answer Previous Or … Read more
Past Year Papers Chapter wise Solutions Company – Issue of Debentures 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 … Read more
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 and remaining by issue of … Read more
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
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 the necessary journal entries for … Read more
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. Marks-1, CBSE:2016-17/Main-DL/Q-4 Answer Previous Or … Read more
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. ………………………………..A/c … Read more