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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 ) | |||||
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Debenture – Meaning, Definition, Features, and types
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Debenture – Meaning, Definition, Features, and types – In Hindi
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