On 1st April, 2015, P Ltd issues 6,000, 12% Debentures of 100 each at par redeemable at premium of 7%. The debentures were to be redeemed at the end of third year. Prepare loss on issue of 12% Debentures Account.
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Explanation:
Dr. Loss on Issue of 12% Debenture Account Cr.
Date
Particulars
Amount (Rs.)
Date
Particulars
Amount (Rs.)
2015
2016
April 01
To 12% Debentures A/c
42,000
March 31
By Statement of Profit & Loss A/c
14,000
March 31
By Balance c/d
28,000
42,000
42,000
2016
2017
April 01
To Balance c/d
28,000
March 31
By Statement of Profit & Loss A/c
14,000
March 31
By Balance c/d
14,000
28,000
28,000
2017
2018
April 01
To Balance c/d
14,000
March 31
By Statement of Profit & Loss A/c
14,000
14,000
14,000
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