Question 25 Chapter 9 of +2-Part-1 – USHA
25. (Different Cases of Debentures issues for Purchase Consideration other than Cash) Suvidha Ltd. Purchased machinery Rs. 1,98,000 from Suppliers Ltd. The payment was to be made by issue of 12% Debentures of Rs. 100 each. Pass the necessary Journal Entries for the purchase of machinery and issue of debentures when :
Debentures are issued at par.
(ii) Debentures are issued at 10% discount.
(iii) Debentures are issued at 10% premium.
The solution of Question 25 Chapter 9 of +2-Part-1 – USHA: –
||L.F.||Debit ₹||Credit ₹|
|To Suppliers Ltd.||1,98,000|
|(Being machinery purchased on credit )|
|ii (a)||At Par|
|To 9 % Debenture A/c||1,98,000|
|(Being consideration paid by issuing debentures at par )|
|ii (b)||At a discount of 10%|
|Discount on issue of Debenture A/c||Dr.||22,000|
|To 9 % Debenture A/c||2,20,000|
|(Being consideration paid by issuing debentures at 20% discount )|
|ii (c)||At a premium of 10%|
|To 9 % Debenture A/c||1,80,000|
|To Securities Premium A/c||18,000|
|(Being consideration paid by issuing debentures at 25% premium )|
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