Important Questions of Class 12 Accountancy Ch-9 Issue of Debentures
Question 1: [2024C]
Those debentures where a charge is created on the assets of the company for the purpose of payment in case of default are known as:
(A) Secured Debentures
(B) Registered Debentures
(C) Specific Coupon Rate Debentures
(D) Redeemable Debentures
Answer
(a) Secured Debentures
Important Questions of Class 12 Accountancy Ch-9 Issue of Debentures
Question 2: [2024C]
Nagar Ltd. issued 6,000, 11% debentures of ₹ 100 each at a discount of 10% redeemable at a premium.
‘Discount on issue of debentures’ and ‘Premium on redemption of debentures’ were accounted for through the Loss on issue of debentures account. If the amount of Loss on issue of debentures was ₹ 90,000, then the amount of premium on redemption of debentures was:
(A) ₹ 60,000
(B) ₹ 90,000
(C) ₹ 1,20,000
(D) ₹ 30,000
Answer
(D) ₹ 30,000
Important Questions of Class 12 Accountancy Ch-9 Issue of Debentures
Question 3: [2024C]
On 1st April, 2022 Surya Ltd. issued 10,000, 12% Debentures of ₹ 100 each at a premium of 5%. The total amount of interest on debentures for the year ending 31st March, 2023 will be:
(A) ₹ 1,20,000
(B) ₹ 50,000
(C) ₹ 1,00,000
(D) ₹ 1,26,000
Answer
(A) ₹ 1,20,000
Important Questions of Class 12 Accountancy Ch-9 Issue of Debentures
Question 4:
Sheetal Ltd. purchased a building worth ₹ 2,50,000, plant and machinery worth ₹ 2,00,000, furniture worth ₹ 40,000, and took over liabilities of ₹ 30,000 from Poonam Ltd. for a purchase consideration of ₹ 4,40,000. The purchase consideration was paid by issuing 12% Debentures of ₹ 100 each at a premium of 10%.
Pass the necessary journal entries in the books of Sheetal Ltd. to record the above transactions.
Answer
Important Questions of Class 12 Accountancy Ch-9 Issue of Debentures
Question 5:
On 1st April, 2023, Simple Ltd. took over assets of ₹ 5,00,000 and liabilities of ₹ 1,00,000 from Temur Ltd. at an agreed value of ₹ 16,00,000.
Simple Ltd. paid the amount to Temur Ltd. as follows:
(i) Issued a bank draft of ₹ 1,00,000.
(ii) Issued 8% Debentures of ₹ 100 each at a premium of 50% in satisfaction of the balance amount of purchase consideration.
Pass the necessary journal entries in the books of Simple Ltd. to record the above transactions.
Answer
Important Questions of Class 12 Accountancy Ch-9 Issue of Debentures
Question 6:
On 1st April 2022, Suvlan Ltd. issued 25,000, 8% Debentures of ₹100 each at a discount of 10%, redeemable at par after five years. The company had a balance of ₹1,70,000 in the Securities Premium Account.
(a) Record necessary journal entries for the issue of debentures.
(b) Record necessary journal entries for writing off ‘Discount on Issue of Debentures’ utilising the Securities Premium Account at the end of the first year itself.
(c) Prepare the ‘Discount on Issue of Debentures Account’ for the year ended 31st March 2023.
Important Questions of Class 12 Accountancy Ch-9 Issue of Debentures
Question 7:
On 1st April, 2022, Reehaan Ltd. issued 5,000, 9% Debentures of ₹ 100 each at a premium of 6%, redeemable at a premium of 4% after five years. The company had a balance of ₹ 5,000 in Securities Premium Account.
(a) Record necessary journal entries for the issue of debentures.
(b) Record necessary journal entries for writing off ‘Loss on Issue of Debentures’ utilising Securities Premium Account at the end of the first year itself.
(c) Prepare ‘Loss on Issue of Debentures Account’ for the year ended 31st March, 2023.
Important Questions of Class 12 Accountancy Ch-9 Issue of Debentures
