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Question 25 Chapter 9 of +2-Part-1 – USHA
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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: –
Journal | |||||
Date | Particulars | L.F. | Debit ₹ | Credit ₹ | |
i | Machinery A/c | Dr. | 1,98,000 | ||
To Suppliers Ltd. | 1,98,000 | ||||
(Being machinery purchased on credit ) | |||||
ii (a) | At Par | ||||
Suppliers Ltd. | Dr. | 1,98,000 | |||
To 9 % Debenture A/c | 1,98,000 | ||||
(Being consideration paid by issuing debentures at par ) | |||||
ii (b) | At a discount of 10% | ||||
Suppliers Ltd. | Dr. | 1,98,000 | |||
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% | ||||
Suppliers Ltd. | Dr. | 1,98,000 | |||
To 9 % Debenture A/c | 1,80,000 | ||||
To Securities Premium A/c | 18,000 | ||||
(Being consideration paid by issuing debentures at 25% premium ) | |||||
This is all about the Question 25 Chapter 9 of +2-Part-1 – USHA
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You can check out the following article to better understand:
Debenture – Meaning, Definition, Features, and types
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Debenture – Meaning, Definition, Features, and types – In Hindi
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Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution
Chapter No. 1 – Accounting Not for Profit Organisations
Chapter No. 2 – Partnership Accounts – I (Introduction)
Chapter No. 3 – Partnership Accounts – II (Goodwill: Nature and Valuation)
Chapter No. 4 – Partnership Accounts – III (Reconstitution of Partnership)
Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)
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Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)
Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
Chapter No. 8 – Company Accounts (Share Capital)
Chapter No. 9 – Company Accounts (Issue of Debentures)
Chapter No. 10 – Company Accounts (Redemption of Debentures)
Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution
Chapter No. 1 – Financial Statements of a Company
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Chapter No. 2 – Financial Statement Analysis
Chapter No. 3 – Tools of Financial Statement Analysis- Comparative and Common Size
Chapter No. 4 – Ratio Analysis
Chapter No. 5 – Cash Flow Statement
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