(i) 20,000, 12% debentures of Rs. 50 each issued at 10% premium, repayable at 20% premium. |
(ii) 15,000, 10% debentures of Rs. 100 each issued at 10% premium, repayable at par. |
(iii) 20,000, 12% debentures of Rs.50 each issued at par, repayable at 10% premium. |
Answer:
JOURNAL
Date Particulars LF Amt (Dr) Amt (Cr) (i) Bank A/c \[(20,000\times 55)\] Dr 11,00,000 To Debentures Application and Allotment A/c 11,00,000 (Being the receipt of application money) Debenture Application and Allotment A/c Dr 11,00,000 Loss on Issue of Debentures A/c Dr 2,00,000 To 12% Debentures A/c \[(20,000\times 50)\] 10,00,000 To Premium on Redemption of Debentures A/c \[(20,000\times 10)\] 2,00,000 To Securities Premium Reserve \[(20,000\times 5)\] 1,00,000 (Being application money transferred to 12% debentures account ) (ii) Bank A/c \[(15,000\times 110)\] Dr 16,50,000 To Debenture Application and Allotment A/c 16,50,000 (Being the receipt of application money) Debenture Application and Allotment A/c Dr 16,50,000 To 10% Debenture A/c \[(15,000\times 100)\] 15,00,000 To Securities Premium Reserve A/c \[(15,000\times 10)\] 1,50,000 (Being the issue of 10% debentures at 10% Premium, repayable at par) (iii) Bank A/c \[(20,000\times 50)\] Dr 10,00,000 To Debenture Application and Allotment A/ 10,00,000 (Being application money received) Debenture Application and Allotment A/c Dr 10,00,000 Loss on Issue of Debentures A/c Dr 1,00,000 To 12% Debenture A/c \[(20,000\times 50)\] 10,00,000 To Premium on Redemption of Debentures A/c \[(20,000\times 5)\] 1,00,000 (Being issue of 12% debentures of par payable at 10% premium)
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