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Question 22 Chapter 10 of +2-A
22. ‘Ananya Ltd.' had an authorized capital of 10,00,00,000 divided into 10,00,000 equity shares of 100 each. The company had already issued 2,00,000 shares. The dividend paid per share for the year ended 31st March 2007 was 30. The management decided to export its products to African countries. To meet the requirements of additional funds, the finance manager put up the following three alternate proposals before the Board of Directors: |
a Issue 47,500 equity shares at a premium of 100 per share.
b Obtain a long-term loan from the bank which was available at 12% per annum.
c Issue 9% Debentures at a discount of 5%. After evaluating these alternatives, the company decided to issue 1,00,000,9% Debentures on 1st April 2008. The face value of each debenture was 100. These debentures were redeemable in four instalments starting from the end of the third year, which were as follows:
| Year | III | IV | V | IV |
| Amount | 10,00,000 | 20,00,000 | 30,00,000 | 40,00,000 |
Prepare 9% Debenture Account form 1st April 2008 till all the debentures were redeemed.
9% Debentures Account
| Date |
Particular | Amount | Date | Particulars |
Amount | ||
|---|---|---|---|---|---|---|---|
| 2008 | |||||||
| Apr. 01 | By Debenture Application A/c | 95,00,000 | |||||
| 2009 Mar. 31 | To Balance c/d | 1,00,00,000 | Apr. 01 | By Discount on Issue of Debentures A/c | 5,00,000 | ||
| 1,00,00,000 | 1,00,00,000 | ||||||
| 2010 Mar. 31 | To Balance c/d | 1,00,00,000 | 2009 Apr. 01 | By Balance b/d | 1,00,00,000 | ||
| 1,00,00,000 | 1,00,00,000 | ||||||
| 2011 Mar. 31 | TO Debenture holders’ A/c | 10,00,000 | 2010 Apr. 01 | By Balance b/d | 1,00,00,000 | ||
| Mar. 31 | To Balance c/d | 90,00,000 | |||||
| 1,00,00,000 | 1,00,00,000 | ||||||
| 2012 Mar. 31 | To Debenture holders’ A/c | 20,00,000 | 2011 Apr. 01 | By Balance b/d | 90,00,000 | ||
| Mar. 31 | To Balance c/d | 70,00,000 | |||||
| 90,00,000 | 90,00,000 | ||||||
| 2013 Mar. 31 | To Debenture holders’ A/c | 30,00,000 | 2012 Apr. 01 | By Balance b/d | 70,00,000 | ||
| Mar. 31 | To Balance c/d | 40,00,000 | |||||
| 70,00,000 | 70,00,000 | ||||||
| 2014 Mar. 31 | To Balance c/d | 40,00,000 | 2013 Apr. 01 | By Balance b/d | 40,00,000 | ||
| 40,00,000 | 40,00,000 | ||||||
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Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
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