47 :- Kitply Ltd. issued ₹ 2,00,000, 10% Debentures at a discount of 5%. The terms of issue provide the repayment at the end of 4 years. Kitply Ltd. has a balance of ₹ 5,00,000 in Securities Premium.
Pass the Journal entries for issue of debentures and writing off the discount.
48 :- Mercury Ltd. issued ₹ 10,00,000; 9% Debentures of ₹ 100 each at a discount of 6% on 1st April, 2022. These debentures are to be redeemed equally. Spread over 5 annual instalments. It had balance in Capital Reserve of ₹ 75,000.
Pass the Journal entries for issue of debentures and writing off the discount.
49 :- Gladiators Ltd. issued 10,000; 8% Debentures of ₹ 100 each at a discount of 5%, redeemable at a premium of 5% payable along with application. It had balance of ₹ 70,000 in Securities Premium and ₹ 50,000 in Capital Reserve. The debentures were fully subscribed and amounts were duly received.
Pass the necessary Journal entries for issue of debentures and writing off Loss on issue of Debentures.
50 :- Sujata Ltd. invited applications for issuing 50,000, 9% Debentures of ₹ 100 each at a discount of 10% redeemable at par after 5 years. The debentures were fully subscribed and all money was duly received. The company had a balance of ₹ 3,00,000 in Securities Premium which it decided to use for writing off the discount/loss on issue of debentures. It also decided to write off the remaining discount/loss on issue of debentures in the first year.
Pass the Journal entries for issue of debentures and for writing off discount/loss on issue of debentures.