Page 219 - ISCDEBK-12

Joint Stock Company—Issue of Debentures 8.13

Calculation of Amount of Discount on Issue of Debentures to be Written off
Year Amount Months for which Total Amount Ratio Discount to be
ended Outstanding (`) Amount used (Product 2 × 3) (`) Written off
(1) (2) (3) (4) (5) (6)
31st March, 10,00,000 9(From 1st July, 2015 to 90,00,000 15 ` 60,000 × 15/60 = ` 15,000
2016 31st March, 2016)
31st March, 10,00,000 3(From 1st April, 2016 to 30,00,000 17 ` 60,000 × 17/60 = ` 17,000
2017 30th June, 2016)
8,00,000 9(From 1st July, 2016 to 72,00,000
31st March, 2017) 1,02,00,000
31st March, 8,00,000 3(From 1st April, 2017 to 24,00,000 13 ` 60,000 × 13/60 = ` 13,000
2018 30th June, 2017)
6,00,000 9(From 1st July, 2017 to 54,00,000
31st March, 2018) 78,00,000
31st March, 6,00,000 3(From 1st April, 2018 to 18,00,000 9 ` 60,000 × 9/60 = ` 9,000
2019 30th June, 2018)
4,00,000 9(From 1st July, 2018 to 36,00,000
31st March, 2019) 54,00,000
31st March, 4,00,000 3(From 1st April, 2019 to) 12,00,000 5 ` 60,000 × 5/60 = ` 5,000
2020 30th June, 2019)
2,00,000 9(From 1st July, 2019 to 18,00,000
31st March, 2020) 30,00,000
31st March, 2,00,000 3(From 1st April, 2020 to 6,00,000 1 ` 60,000 × 1/60 = ` 1,000
2021 30th June, 2020)
Total 60 ` 60,000
Dr. DISCOUNT ON ISSUE OF DEBENTURES ACCOUNT Cr.
Date Particulars ` Date Particulars `
2015 2016
July 1 To 10% Debentures A/c 60,000 March 31 By Statement of Profit and Loss 15,000
March 31 By Balance c/d 45,000
60,000 60,000
2016 2017
April 1 To Balance b/d 45,000 March 31 By Statement of Profit and Loss 17,000
March 31 By Balance c/d 28,000
45,000 45,000
2017 2018
April 1 To Balance b/d 28,000 March 31 By Statement of Profit and Loss 13,000
March 31 By Balance c/d 15,000
28,000 28,000
2018 2019
April 1 To Balance b/d 15,000 March 31 By Statement of Profit and Loss 9,000
March 31 By Balance c/d 6,000
15,000 15,000
2019 2020
April 1 To Balance b/d 6,000 March 31 By Statement of Profit and Loss 5,000
March 31 By Balance c/d 1,000
6,000 6,000
2020 2021
April 1 To Balance b/d 1,000 March 31 By Statement of Profit and Loss 1,000