Question

A Ltd. Company issued debentures of Rs.1,00,000 which were issued as follows:
For cash at 90% Rs.50,000 (Nominal)
For creditors for Rs.20,000
Capital Expenditure in satisfaction of his claim Rs. 25,000 (Nominal)
To Bankers for a loan of Rs.15,000 as collateral
Security Rs.25,000 (Nominal)
The issue (1) and (2) are redeemable at the end of 10 years at par. Pass Journal Entries (for first year only).​

Answer 1

Explanation:

i) Cash A/C. Dr 45000

ToDebentures Appli & Allotm AC 45000

-> Debentures Appl & allotA/C Dr 45000

Discount on issue of debenturesA/C Dr 5000

To % Debentures A/C. 50000

ii). Creditors A/C Dr. 20000

Discount on issue of debentures A/C Dr. 5000

% Debentures A/C. 25000

iii). Bank A/C Dr. 15000

To Bank loan. A/C 15000

->. Debentures Suspense A/C Dr. 25000

To % Debentures A/C. 25000

->. Statement of P&L A/C. Dr 10000

To Discount on issue of debenturesA/C 10000

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Answer 2

Answer:

A Ltd. Company issued debentures of Rs.1,00,000 which were issued as follows:

Explanation:

i) Cash A/C. Dr 45000

To Debentures Application & Allotment AC 45000

-> Debentures Application & allotmentA/C Dr 45000

Discount on issue of debenturesA/C Dr 5000

To % Debentures A/C. 50000

ii). Creditors A/C Dr. 20000

Discount on issue of debentures A/C Dr. 5000

% Debentures A/C. 25000

iii). Bank A/C Dr. 15000

To Bank loan. A/C 15000

->. Debentures Suspense A/C Dr. 25000

To % Debentures A/C. 25000

->. Statement of P&L A/C. Dr 10000

To Discount on issue of debentures A/C 10000

The new partner will only bring his proportionate share of goodwill in regard to the gap between the new value and the book value if the partners determine that goodwill should continue to be recorded in the books. In this regard, all of the journal entries are identical.

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