Page 384 - AAAXII

Model Test Papers M.367

(ii)
Dr. 10% DEBENTURES ACCOUNT Cr.
Date Particulars ` Date Particulars `
2019 2018
March 31 To Balance c/d 10,00,000 April 1 By Debentures Application A/c 4,00,000
By Loss on Issue of
Debentures A/c 80,000
By Debentures Allotment A/c 5,20,000
10,00,000 10,00,000

Or
JOURNAL

Date Particulars L.F. Dr. (`) Cr. (`)
Bank A/c ...Dr. 5,00,000
To Debentures Application and Allotment A/c 5,00,000
(Being the application money received for 5,000 debentures )
Debentures Application and Allotment A/c ...Dr. 5,00,000
To 9% Debentures A/c 5,00,000
(Being the allotment of 5,000; 9% Debentures)
Debentures Suspense A/c ...Dr. 1,00,000
To 9% Debentures A/c 1,00,000
(Being the issue of 9% Debentures as collateral security)

AN EXTRACT OF BALANCE SHEET OF YES LTD.
as at...
Particulars Note No. `
I. EQUITY AND LIABILITIES
Non-current Liabilities
Long-term Borrowings 1 5,80,000

Note to Accounts
Particulars `
1. Long-term Borrowings
5,000; 9% Debentures of ` 100 each 5,00,000
Loan from Bank 80,000
1,000; 9% Debentures of ` 100 each issued as Collateral Security 1,00,000
Less: Debentures Suspense A/c 1,00,000 ...
5,80,000

10. JOURNAL OF ANUPAMA LTD.

Date Particulars L.F. Dr. (`) Cr. (`)
On Creation of DRR
Surplus, i.e., Balance in Statement of Profit and Loss A/c ...Dr. 2,50,000
To Debentures Redemption Reserve A/c 2,50,000
(Being the profit transferred to DRR to make the reserve equivalent to
25% of the value of Debentures)