55 :- On 1st April, 2024, Solar Power Ltd. issued 10,000, 8% Debentures of ₹ 100 each at a discount of 5% redeemable at a premium of 15% at the end of five years. All the debentures were subscribed and allotment was made.
The company had balance in Securities Premium of ₹ 80,000.
Prepare the Balance Sheet (extract) as at 31st March, 2025.
56 :- Pass necessary Journal entries relating to issue of debentures and to write off discount/loss on issue of debentures in the books of Dhatu Ltd. in the following cases :-
(i) 400, 11% Debentures of Rs 1,000 each are issued at 10% discount and redeemable at par. Balance in Securities Premium Account is Rs 50,000.
(ii) 500, 10% Debentures of Rs 1,000 each are issued at 10% discount and redeemable at a premium of 10% . Balance in Securities Premium Account is Rs 75,000.
57 :- Pass necessary Journal entries relating issue of Debentures and to write off discount/loss on issue of debentures in the books of Srijan Ltd. in the following cases :
(i) 900, 6% Debentures of Rs 1,000 each are issued at 5% discount and redeemable at par. Balance in Securities Premium Account is Rs 50,000.
(ii) 700, 8% debentures of Rs 1,000 each are issued at 10% discount and redeemable at a premium of 10. Balance in Secuirities Premium Account is Rs 1,00,000.
58 :- Dev Ltd. acquired running business of Amrit Ltd. having assets of ₹ 10,00,000 and liabilities of ₹ 2,50,000. 9% Debentures of ₹ 100 each were issued for the acquisition of business at a premium of ₹ 20 per debenture. The company issued 10,000, 8% Debentures of ₹ 100 each redeemable at premium of ₹ 20 per debenture after 5 years.
You are required to pass the Journal entries for the above transactions.
59 :- Fit India Ltd. has paid-up share capital of ₹ 1,00,00,000 (divided into 5,00,000 Equity Shares of ₹ 20 each) and 10,000, 7% Debentures of ₹ 200 each. On 1st July, 2024, it further issued 7% Debentures at a premium of 10% redeemable at 25% premium to meet the long-term funds requirement of ₹ 1,65,00,000. The issue price was payable along with application. Balance in Securities Premium Account after the issue of debentures of ₹ 25,00,000. Loss for the year ended 31st March, 2025 is ₹ 10,00,000.
You are required to:
(i) Pass Journal entries for issue of Debentures.
(ii) Prepare Loss on Issue of Debentures Account.
(iii) Pass Journal entries for interest on debentures, If interest is payable on 30th September and 31st March each year.