Question

On 1st April 2017 Sheru Lid. Issued 1.00.000 12% debentures of 100 each at a discount of 5%, redeemable on 31 March 2022 Issue was oversubscribed by 20.000 debentures, who were refunded their money Interest is paid annually on 31 March. You are required to prepare

() Journal Entries at the time of issue

of debentures

(H) Discount on issue of Debenture Account

[ii] Interest account and Debenture holder Account assuming TDS is deducted @ 10%​

Answer 1

Answer:

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Answer 2

Answer:

.(b) On 1st April 2020 Sheru Ltd. issued 1,00,000 12% debentures of ‘100 each at a discount of 5%, redeemable on 31

March 2025. Issue was oversubscribed by 20,000 debentures, who were refunded their money. Interest is paid

annually on 31 March. You are required to prepare:

i) Journal Entries at the time of issue of debentures.

ii) Discount on issue of Debenture Account

iii) Interest account and Debenture holder Account assuming TDS is deducted @ 10%.