Page 103 - AAAXII

Model Test Papers M.97

Note to Accounts
Particulars `
1. Share Capital
Authorised Capital
5,00,000 Equity Shares of ` 10 each 50,00,000
Issued Capital
2,00,000 Equity Shares of ` 10 each 20,00,000
Subscribed Capital
Subscribed and Fully paid-up
1,95,000 Equity Shares of ` 10 each 19,50,000
Subscribed but not Fully paid-up
2,500 Shares of ` 10 each 25,000
Less: Calls-in-Arrears (2,500 × ` 2) 5,000
20,000
Add: Forfeited Shares A/c (2,500 × ` 8) 20,000 40,000 19,90,000

(b) JOURNAL OF MAHIMA LTD.
Date Particulars L.F. Dr. (`) Cr. (`)
2018
March 31 Surplus, i.e., Balance in Statement of Profit and Loss A/c ...Dr. 9,50,000
To Debentures Redemption Reserve A/c 9,50,000
(Being 25% amount of the face value of debentures transferred
from profit to DRR)
April 1 Debentures Redemption Investment A/c ...Dr 5,70,000
To Bank A/c 5,70,000
(Being the investment made @ 15% of the Face Value of debentures)
June 30 Bank A/c ...Dr. 5,70,000
To Debentures Redemption Investment A/c 5,70,000
(Being the investments encashed for redemption)

June 30 9% Debentures A/c (38,000 × ` 100) ...Dr. 38,00,000
Premium on Redemption of Debentures A/c (38,000 × ` 5) ...Dr. 1,90,000
To Debentureholders’ A/c 39,90,000
(Being the amount due to debentureholders on redemption)

June 30 Interest on Debentures A/c (` 38,00,000 × 3/12 × 9/100) ...Dr. 85,500
To Debentureholders’ A/c 85,500
(Being the interest due on debentures for three months)
June 30 Debentureholders’ A/c (` 39,90,000 + ` 85,500) ...Dr. 40,75,500
To Bank A/c 40,75,500
(Being the payment made to debentureholders)
June 30 Debentures Redemption Reserve A/c ...Dr. 9,50,000
To General Reserve A/c 9,50,000
(Being DRR transferred to General Reserve after the redemption
of all the debentures)