VIKAS MAHILA CAMPUS Accountancy - XII

1) Give the journal entries in each of the following alternative cases assuming the face value of a debenture being Rs. 100. i) A 10% debenture issued at Rs. 100, repayable at Rs. 100. ii) A 10% debenture issued at Rs. 95, repayable at Rs. 100. iii) A 10% debenture issued at Rs. 105, repayable at Rs. 100. iv) A 10% debenture issued at Rs. 100, repayable at Rs. 105. v) A 10% debenture issued at Rs. 95, repayable at Rs. 105. vi) A 10% debenture issued at Rs. 105, repayable at Rs. 110. (12) 2) BA Limited issued 2,00,000 , 5% debentures of Rs. 100 each at a discount of 6% on 1 st April 2007, redeemable as under: 80,000 debentures on 31st March, 2009 40,000 debentures on 31st March 2010 and Remaining debentures on 31st March, 2011. Ascertain the amount of discount to be written in each year till the debentures are paid . Also prepare the discount of issue of debenture account. The company closes its account on 31st March each year. (4) 3) Best Barcode Ltd. Took a loan of Rs. 5,00,000 from a bank giving Rs. 6,00,000, 9% debentures as collateral security. Pass the necessary journal entry regarding issue of debentures, if any, and show this loan in the Balance Sheet of the company. (4) 4) Lotus Ltd. Took over assets of Rs. 2,50,000 and liabilities of Rs. 30,000 of GoneBy Company for the purchase consideration of Rs. 3,30,000. The promising company Ltd. Paid the purchase consideration by issuing debentures of Rs. 100 each at a premium of 10%. Give the Journal entries in the books of Promising Company Ltd. . (3) 5) B Ltd. Redeemed 6,000 , 9% debentures of Rs. 100 each which were issued at par by converting them into equity shares of Rs.10 each issued at a discount of 4%. Pass the Journal Entries. (2)