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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Question 28 Chapter 9 of +2-A
28. 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 journal entries regarding the issue of debentures, if any, and show this loan in the Balance Sheet of the company.
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| Bank A/c | Dr | 5,00,000 | |||
| To Loan A/c | 5,00,000 | ||||
| (Being loan is taken again issuing of debenture ) | |||||
| Particulars |
Details |
Amount |
|---|---|---|
| I. Equity and Liabilities | ||
| 1. Shareholders’ Funds | ||
| 2. Share Application Money Pending Allotment | ||
| 3. Non-Current Liabilities | ||
| (a) Long term borrowings | 5,00,000 | |
| 4. Current Liabilities | ||
| Total | 5,00,000 | |
| II. Assets | ||
| 1.Non-Current Assets | ||
| (a) Fixed Assets | ||
| Tangible Assets | ||
| 2. Current Assets | ||
| (d) Cash and Cash equivalents | 5,00,000 | |
| Total | 5,00,000 |
| Particulars |
Details |
Amount |
|---|---|---|
| Long term Borrowings | ||
| Loan | ||
| Secured by the issue of Debentures | 5,00,000 | |
| Cash and Cash Equivalent | ||
| Cash at Bank | 5,00,000 |
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| Bank A/c | Dr | 5,00,000 | |||
| To Loan A/c | 5,00,000 | ||||
| (Being loan is taken again issuing of debenture ) | |||||
| Debenture Suspense A/c | Dr | 6,00,000 | |||
| To 9% Debenture A/c | 6,00,000 | ||||
| (Being Debenture issued ) | |||||
| Particulars |
Details |
Amount |
|---|---|---|
| I. Equity and Liabilities | ||
| 1. Shareholders’ Funds | ||
| 2. Share Application Money Pending Allotment | ||
| 3. Non-Current Liabilities | ||
| (a) Long term borrowings | 5,00,000 | |
| 4. Current Liabilities | ||
| Total | 5,00,000 | |
| II. Assets | ||
| 1.Non-Current Assets | ||
| (a) Fixed Assets | ||
| Tangible Assets | ||
| 2. Current Assets | ||
| (d) Cash and Cash equivalents | 5,00,000 | |
| Total | 5,00,000 |
| Particulars |
Details |
Amount | |
|---|---|---|---|
| Long term Borrowings | |||
| Loan | |||
| Secured by the issue of Debentures | 5,00,000 | ||
| Loan( secured by issue of 9% Debenture of Rs 6,00,000 as collateral security ) 9% Debenture |
|||
| Issued as collateral security to bank against the loan | 6,00,000 | ||
| Less: Debenture suspense account | 6,00,000 | ||
| Cash and Cash Equivalent | |||
| Cash at Bank | 5,00,000 | ||
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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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