EduAdda By Sailesh Goenka

ISSSUE OF DEBENTURES
Class 12 - Accountancy

1. Debentures for a longer period which are secured by either fixed charge or floating charge on assets they are [1]
called ________.

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a) Secured Debentures b) Unsecured Debentures

c) Un-registered Debentures d) Bearer Debentures

2. The following are the types of debentures except: [1]

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a) Perpetual Debentures b) Equity Debentures

c) Convertible debentures d) Redeemable debentures

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3. While passing the entry for a refund of money if the applications are rejected. Which account should be credited: [1]

a) Debenture Application A/c

ka b) Debenture Allotment A/c
ab

c) Securities Premium A/c d) Bank A/c

4. Vinod Limited invited applications for 2,000, 11% Debentures @ 100 each. The company received an [1]
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application only for 1900 debentures. What is this situation called?
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a) Full Subscription b) Over Subscription

c) Under Subscription d) Pro-rata Allotment

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5. Debentures are shown in the Balance Sheet of a company under the head of [1]

a) Share capital b) None of these

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c) Non current liabilities d) Current liabilities

6. LMN Limited acquired assets of Rs.18,00,000 and took over creditors of ₹2,00,000 from Vidhi Enterprises. [1]
LMN Limited issued 8% Debenture of Rs.100 each at par as purchase consideration. Find out how many
debentures issued by the company?

a) 16,000 b) 2,000

c) 18,000 d) 16,00,000
7. What is the Maximum discount limit on issue of debentures as per law? [1]

a) 6% b) 10%

c) Not Fixed d) 15%

8. Securities Premium received on issue of debentures is a [1]

a) Fixed Asset b) Capital Profit

c) Capital Loss d) Current Asset

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 9. Why is a premium on the issue of debentures considered as a capital profit [1]

a) It is not an income arising from the normal b) It is an income arising from the normal
course of business operations. course of business operations.

c) All of these d) It is not a loss arising from the normal

course of business operations.
10. Tamy Limited issued 5,000 debentures @ 1,000 each at a discount of 10%. Rs.300 is payable on application and [1]
balance payable on the allotment. Find the amount received on an allotment?

a) 45,00,000. b) 40,00,000

c) 30,00,000 d) 35,00,000
11. Differentiate between Equity Share and Debenture on the basis of risk involved. [1]

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12. Amount raised by a company by debenture is loan or capital? [1]
13. Ashoka Ltd. had Rs. 5, 00,000 12% debentures outstanding as on 1st Jan, 2003. During the year company took a [1]
loan of Rs. 3, 00,000 from Bank of Punjab for which the company placed with the bank debentures of Rs. 3,

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60,000 as collateral security.
14. Why does a company pay interest on debentures before payment of dividend? [1]
15.
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Why is premium on the issue of debentures considered as a capital profit? [1]
16. Good Blankets Ltd. are the manufacturers of woolen blankets. Blankets of the company are exported to many [1]
countries. The company decided to employ 100 youth from nearby villages in their newly established factory in
the state. To meet the requirements of funds for starting its new factory, the company issued 50,000 equity shares
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of ₹ 10 each at par and 2,000; 8% Debentures of ₹100 each to the vendors of machinery purposed for ₹ 7,00,000.
Pass necessary Journal entries for the above transactions in the books of the company.
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17. Define Redeemable Debentures. [1]
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18. How are Debentures Issued as Collateral Security shown in the Balance Sheet? [1]
19. What is meant by registered debenture? [1]
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20. X Ltd. invited applications for issuing 1,000, 9% debentures of Rs.100 each at a discount of 6%. Applications [1]
for 1,200 debentures were received. Pro- rata allotment was made to all the applicants.
Pass necessary journal entries for the issue of debentures assuming that the whole amount was payable with
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application.
21. A debenture holder has no ________. [1]

a) None of these b) Right for interest on debentures

c) Right for Redemption of Debentures d) Voting Right

22. What does a Debenture of a company represent ________? [1]

a) Shareholders Fund b) Debt

c) Capital d) Repayment
23. A Debenture is an acknowledgement of debt and a contract for the repayment of the principal amount with [1]
________.

a) Interest b) Dividend

c) Premium d) Profit
24. Debenture Allotment Account is a ________. [1]

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 a) None of these b) Personal Account

c) Nominal Account d) Real Account

25. The debentures are issued under the ________ of company [1]

a) Section 12 of Companies Act b) Registration

c) Rules & Principles d) Common seal

26. Debentures cannot be issued by ________. [1]

a) Public Company b) Infrastructure Company

c) Private Company d) Sole Proprietor firm

27. Which of the following statement is/are correct? [1]

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A. Interest on debentures is paid before paying any dividend
B. Debentures cannot be issued as ‘Collateral Security’
C. Debentures can be issued in cash only

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D. Debentures are shown under head Shareholders fund under balance sheet

a) (B) b) (C)
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c) (D) d) (A)
28. Which of the following statement is not correct? [1]

a) Debentures can be issued at discount b) A Debenture holder is a lender

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c) Debenture is considered as external equity d) Debentures are completely unsafe

29. Zero Ltd., issued 20000, 10% debentures of Rs.100 each at a premium of Rs.5 payable as follows: [1]
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On application Rs. 40, on Allotment Rs. 65 (including premium). All the debentures were issued and subscribed
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and money was received. What amount is credited at the time of allotment to Securities premium account?

a) Rs.60,000 b) Rs.1,00,000
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c) Rs.55,000 d) Rs.65,000
30. Vinod Limited offered 10,000 debentures @ 100 each at a premium of 10%. Applications are received for 30000 [1]
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applicants. The company made full allotment to 2,000 applicants and pro-rata allotment to the applicants of
18,000 debentures. How many applications were rejected?

a) 20,000 b) 10,000

c) 28,000 d) 18,000
31. Golden Ltd. bought assets for ₹5,50,00,000 and assumed liabilities worth ₹1,26,00,000 from Silver Ltd. and [3]
issued 8% Debentures of ₹500 each at a premium of 6%. Record necessary entries in the books of Golden Ltd.
32. X Ltd. purchased assets of ₹8,00,000 and liabilities of ₹1,00,000 from Y Ltd. on 1.4.2018. ₹2,00,000 were paid [3]
immediately and the balance was paid by issue of ₹4,75,000, 10% debentures in X Ltd. Give journal entries in
the books of X Ltd.
33. Blue Ltd. issued ₹8,00,000; 9% Debentures of ₹100 each at par and redeemable at 10% premium at the end of [3]
sixth year. Pass Journal entries for issue of debentures.
34. KTR Ltd, issued 365, 9% debentures of ₹1,000 each on 4th March, 2016. Pass necessary journal entries for the [3]
issue of debentures in the following situations
i. When debentures were issued at par redeemable at a premium of 10%.

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 ii. When debentures were issued at 6% discount redeemable at 5% premium.
*lf amount towards debentures is received in a lump sum, 'Debentures Application and Allotment Account' is
used.
35. Write any three points of difference between equity shares and debentures. [3]
36. T. Ltd. offered 2,00,000, 8% debenture of ₹ 500 each on June 30, 2014 at a premium of 10% payable as ₹ 200 on [3]
application (including premium) and balance on allotment, redeemable at par after 8 years. But applications are
received for 3,00,000 debentures and the allotment is made on pro-rata basis. All the money due on application
and allotment was received. Record necessary entries regarding issue of debentures.
37. X Ltd. purchased assets of Y Ltd. as under: [3]

Plant and Machinery ₹8,00,000

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Land and Building ₹72,00,000

The purchase consideration was ₹80,00,000. ₹20,00,000 were paid through bank and the remaining by issue of
6% debentures of ₹100 each at a premium of 20%. Pass necessary journal entries in the books of X Ltd.
38. Zee Ltd. issued 10,000, 10% Debentures of ₹ 100 each as collateral security for a loan of ₹ 8,00,000 from Dena [3]

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Bank. The company was unable to repay the loan on which interest payable was ₹ 2,00,00 as on 31st March
2019.
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Dena Bank, on 31st March 2019, exercised the right vested in it by way of debentures being issued as collateral
Security.
Pass Journal entries in the books of Zee Ltd. on 31st March 2019.
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39. Nano Ltd. purchased assets of Dow Ltd. for Rs.3,00,000. It also agreed to take over the liabilities of Dow Ltd. [3]
amounting to Rs.50,000 for a purchase consideration of Rs.2,75,000. The payment to Dow Ltd. was made by
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issue of 8% Debentures of Rs.50 each at a premium of 10%.
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Pass necessary journal entries for the above transactions in the books of Nano Ltd.
40. Chrome Ltd. took over assets of ₹6,00,000 and liabilities of ₹40,000 of Polymer Ltd. at an agreed value of [3]
₹6,30,000. Chrome Ltd. issued 10% Debentures of ₹100 each at a discount of 10% to Polymer Ltd. in full
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satisfaction of the price.

Pass the necessary Journal entries to record the above transactions in the books of Chrome Ltd.
41. ABC Ltd had Rs.15,00,000, 10% Debentures outstanding as on April, 2012. On 1st Sept. 2012 Company took a [4]
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loan of Rs.5,00,000 from the Punjab National Bank for which the company placed with the bank, 10%
Debentures for Rs.7,00,000 as collateral Security. Pass journal entries, if any. Also show how the debentures and
Bank Loan will appear in the company’s Balance Sheet as on 31st March, 2013.
42. A company took a loan of ₹4,00,000 from Bandhan Bank Ltd. and issued 8% Debentures of ₹4,00,000 as a [4]
collateral security. Explain how will the issue of debentures be dealt with in the books of the company.
43. Journalise the following transactions: [4]
i. 400 debentures issued at ₹960 each, repayable at ₹1,000 each.
ii. 400 debentures issued at ₹1,040 each, repayable at ₹1,000 each.
iii. 400 debentures issued at ₹1,000 each, repayable at ₹1,060 each.
iv. 400 debentures issued at ₹960 each, repayable at ₹1,060 each.
(The face value of each debenture is ₹1,000)
44. Suvidha Ltd. purchased machinery for ₹1,98,000 from Suppliers Ltd. The payment was made by issue of 12% [4]
debentures of ₹100 each. Pass necessary journal entries for the purchase of machinery and issue of debentures

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 when
i. Debentures are issued at par.
ii. Debentures are issued at 10% discount.
iii. Debentures are issued at 10% premium.
45. Fill the missing values in the following: [4]
JOURNAL OF AB LTD.

Dr. Cr.
Date Particulars L.F.
(₹) (₹)

? Dr. ?

To ? ?

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(Application money received on 2,000; 12% Debentures of ₹100 each issued at a
premium of 10% and redeemable at a premium of 10%)

? Dr. ?

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? Go y S Dr. ?

To ? ?

To ? ?

To ? ?
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(?)

46. Iron Products Ltd. issued 5,000; 9% Debentures of ₹100 each at a premium of ₹40 payable as follows: [4]
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i. ₹40, including a premium of ₹10 on application;

ii. ₹45, including a premium of ₹15 on allotment; and
iii. Balance as first and final call.
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The issue was subscribed and allotment made. Calls were made and due amount was received. Pass Journal
entries.
47. X Ltd obtained a loan of Rs.4,00,000 from IDBI Bank. The company issued 5,000, 9% debentures of Rs.100 [4]
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each as a collateral security for the same. Show how these items will be presented in the Balance Sheet of the
company.
48. Vishwas Ltd. issued 2,000; 9% Debentures of ₹100 each payable as follows: ₹25 on application; ₹25 on [4]
allotment and ₹50 on first and final call. Applications were received for all the debentures along with the
application money and an allotment was made. Call money was also received on the due date.
Pass necessary Journal entries in the books of the company.
49. Gunjan Limited purchased a running business from Vrindavan Limited for a sum of ₹ 25,00,000, payable ₹ [4]
4,00,000 by cheque and for the balance issued 8% Debentures of ₹ 100 each at 5% premium.
The assets and liabilities consisted of the following:

Land and Buildings 9,00,000

Plant and Machinery 8,00,000

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 Patents 40,000

Sundry Debtors 7,00,000

Stock 5,00,000

Sundry Creditors 1,20,000

Record necessary journal entries in the books of Gunjan Limited.

50. On 1st Nov. 2018, Airtel Ltd. issued 40,000, 10% Debentures of ₹100 each at a discount of 5%, redeemable at [4]
par after four years. The debentures were fully subscribed it has a balance of ₹80,000 in Capital Reserve and
₹1,50,000 in Securities Premium Reserve which the company decided to use for writing off the discount on issue
of debentures.
Pass the Journal entries for the issue of debentures and writing off the discount. Also, prepare Discount on Issue

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of Debentures Account.
51. X Ltd. issued 5,000, 8% Debentures of ₹200 each at a premium of 6% redeemable at a premium of 5% after 5 [4]
years. According to the terms of issue, ₹80 was payable on application and balance on allotment.

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Record necessary Journal entries at the time of issue of Debentures.
52. i. Journalise the following transactions at the time of issue of debentures: [4]
Nandan Ltd. issued ₹90,000, 12% debentures of ₹100 each at a discount of 5% redeemable at 110%.
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ii. Winona Ltd. issued ₹80,000, 11% debentures of ₹100 each at a premium of 5% redeemable at a premium of
10%.
53.
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Reliance Ltd. purchased machinery costing ₹1,35,000. It was agreed that the purchase consideration be paid by [4]
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issuing 9% Debentures of ₹100 each. Assume debentures have been issued

i. at par and
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ii. at a discount of 10%.

Give necessary Journal entries.
54. A company took a loan of ₹5,00,000 from the State Bank of India and issued 10% debentures of ₹8,00,000 of [4]
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₹100 each as collateral security. Explain how will you deal with issue of debentures in the books of company.
55. On 1st April, 2012 A Ltd. took a loan of Rs.5,00,000 from the State Bank of India for which the company issued [4]
8% Debentures of Rs.6,00,000 as collateral security. Record the issue of debentures in the books of the Co. and
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also show how the debentures and bank loan will appear in the Balance Sheet of the company.
56. Bharat Ltd had an authorised capital of ₹ 20,00,000 divided into 2,00,000 equity shares of ₹ 10 each. The [6]
company issued 1,00,000 shares and the dividend paid per share was ₹ 2 of the year ended 31st March, 2008.
The management of the company decided to export its products to the neighbouring countries Nepal, Bhutan, Sri
Lanka, and Bangladesh. To meet the requirement of additional funds, the financial manager of the company put
up the following three alternatives before its Board of Directors
i. Issue 54,000 equity shares.
ii. Obtain a loan from Import and Export Bank of India. The loan was available at 12% per annum interest.
iii. To issue 9% debentures at a discount of 10%.
After comparing the available alternatives the company decided on 1st April, 2008 to issue 6,000 9% debentures
of ₹ 100 each at a discount of 10%. These debentures were redeemable in four instalments starting from the end
of third year.
The amount of debentures to be redeemed at the end of third, fourth, fifth and sixth year was as follows

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 Year (₹)

III 1,00,000

IV 1,00,000

V 2,00,000

VI 2,00,000

Prepare 9% debentures account for the years 2008-09 to 2014-15.

57. On 1st April, 2018, Welfare Ltd. took over assets of ₹4,50,000 and liabilities of ₹60,000 of Himalyan Ltd. for [6]
the purchase consideration of ₹4,40,000. It paid the purchase consideration by issuing 8% Debentures of ₹100
each at 10% premium. On the same date it issued another 3,000, 8% Debentures of ₹100 each at a discount of
10%, redeemable at a premium of 5% after 5 years. According to the terms of the issue ₹30 is payable on

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application and the balance on the allotment of debentures.
You are required to pass Journal entries in the books of Welfare Ltd. to record the above transactions.
58. Pass the necessary journal entries for the issue of debentures for the following transactions: [6]

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i. Anand Ltd. issued 800, 9 % Debentures of ₹ 500 each at a premium of 20 %, to the vendors for machinery
purchased from them costing ₹ 4,80,000
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ii. Dawar Ltd. issued 5,000, 7 % Debentures of ₹ 200 each at a premium of 5 %, redeemable at a premium of 10
%.
iii. Novelty Ltd. issued 1,000, 8 % Debentures of ₹ 100 each at a discount of 5 %, redeemable at a premium of
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10 %.
59. Hammer Ltd. issued ₹4,000; 10% Debentures of ₹100 each, payable ₹ 20 on the application and the balance [6]
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amount on the allotment. The debentures are redeemable after 5 years. Applications were received for the issued
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debentures and allotment wade to all the applicants. The amount was received on due dates.
Pass the Journal entries and prepare the Balance Sheet.
60. Explain the meaning and accounting treatment of debentures issued as collateral security. [6]
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61. On 1st June, 2017, R Energy Ltd. issued 10,000, 7% Debentures of ₹100 each at a discount of 10% redeemable [6]
at a premium of 10% at the end of five years. All the debentures were subscribed and allotment was made.
Prepare the Balance Sheet (extract) as at 31st March, 2018.
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62. Hassan Limited took a loan of ₹30,00,000 from a bank against primary security worth ₹ 40,00,000 and issued [6]
35,000, 6% debentures of ₹ 100 each as a collateral security. The company again after one year took a loan of
₹50,00,000 from bank against Plant as primary security and deposited 60,000, 6% debentures of ₹100 each as
collateral security. Record necessary journal entries. How will you show the issue of debentures and bank loan in
the balance sheet of the company.
63. Rose Ltd. issued 10,000, 10% Debentures of ₹100 each, payable as follows : [6]
₹10 on application, ₹20 on allotment, ₹30 on first call and ₹40 on second and final call.
Arun, who holds 500 debentures failed to pay the amount due on allotment. He, however, pays this amount with
the first call money. Dinesh, who holds 800 debentures paid all the calls in advance on allotment. Pass entries.
64. Kamal Ltd. issued 5,000, 12% Debentures of ₹100 each, payable as follows: [6]
₹10 on application, ₹15 on allotment, ₹30 on first call and ₹45 on second and final call. A person who holds 400
debentures paid the amount of first and second calls with the allotment. Another person who is holding 100
debentures failed to pay the amount due on allotment. He, however, pays this amount along with the first call
money. Pass entries.

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65. Feeble Ltd.issued 10% Debentures at 94% for ₹ 20,00,000 on 1st July, 2013 repayable by five equal annual [6]
installments of ₹ 4,00,000 each starting from 30th June, 2014. Calculate the amount of discount to be written off
in every accounting year assuming that the company decides to write off the debentures discount during the life
of the debentures.
66. During the year ended 31st March 2019, Anderson Ltd. issued 12% Debenture of ₹100 each, as per the details [6]
are given below:
i. 900 Debentures issued as collateral security to a bank against a loan of ₹60,000.
ii. The underwriters were to be paid a commission of ₹48,000. 25% of the amount was paid to them in cash and
the balance was paid by the issue of Debentures at a discount of 10% to be redeemed at par.
iii. A machine was purchased for ₹2,18,500. The vendor was paid by the issue of Debentures at a premium of
15% to be redeemed at par.

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iv. 5,000 Debentures were issued to the public at a 5% premium, to be redeemed at a premium of 5%.
The company wrote off all capital losses arising from the issue of Debentures at the end of the year from its
capital profits and if need be from its revenue profits.

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You have required to Journalise the above transaction in the books of Anderson Ltd.
67. On 1st April, 2018, Sunshine Ltd. issued ₹10,00,000, 15% Debentures of ₹100 each at 8% discount payable: [6]
₹40 on application, and
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The balance on allotment.
These debentures were to be redeemed at a premium of 5% after five years. All the debentures were subscribed
for by the public.
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Interest on these debentures was to be paid half-yearly which was duly paid by the company.
You are required to:
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i. Pass Journal entries in the first year of debenture issue (including entries for debenture interest.)
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ii. Prepare 15% Debentures Account for the year ending 31st March, 2019.
68. (Issue of Debentures at Premium, Amount Payable in Instalments, Oversubscribed, Pro rata Allotment). [6]
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Exe Ltd. issued 10,000; 9% Debentures of ₹100 each at a premium of 10% payable ₹25 on application, ₹35 on
allotment (including premium) and the balance on first and final call. Applications were received for 15,000
debentures. Allotment was made on pro rata basis excess application money being applied towards amount due
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on allotment. All sums due were received by the company on due dates.
Journalise the above transactions on the books of Exe Ltd. and prepare extract of the Balance Sheet showing
Securities Premium Reserve and Debentures.
69. Z Ltd. issued 20,000, 12% Debentures of ₹100 each. Give journal entries if the Debentures are: [6]
i. issued at par,
ii. issued at a discount of 10%, and
iii. issued at a premium of 10% (redemption being in all these cases at par).
Also, show the entries which will be made if the Debentures are repayable at a premium of 5% but are issued (a)
at par, and (b) at a discount of 10%.
70. Pass Journal entries for issue of debentures in each of the following alternative cases: [6]
i. 10% Debenture of ₹100 each issued at ₹100, repayable at ₹100.
ii. 10% Debenture of ₹100 each issued at ₹95, repayable at ₹100.
iii. 10% Debenture of ₹100 each issued at ₹105, repayable at ₹100.
iv. 10% Debenture of ₹100 each issued at ₹100, repayable at ₹105.

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 v. 10% Debenture of ₹100 each issued at ₹95, repayable at ₹105.
vi. 10% Debenture of ₹100 each issued at ₹105, repayable at ₹110.
71. Show by means of journal entries how would you record the following issues. [6]
i. A Ltd. issues ₹5,00,000, 13% Debentures at a discount of 8% redeemable at par.
ii. B Ltd. issues ₹6,00,000, 12% Debentures at a discount of 6% redeemable at a premium of 7%.
iii. C Ltd. purchased plant and machinery for ₹8,00,000 payable as to ₹2,30,000 in cash and the balance by an
issue of 10% Debentures of ₹100 each at a discount of 5%.
iv. D Ltd. issued 500, 11% Debentures of ₹100 each as a collateral security to a Bank who has advanced a loan
of ₹45,000 to the Company for a period of 7 years.
v. E Ltd. issued ₹2,20,000 Debentures to a creditor for ₹2,00,000 Capital Expenditure in satisfaction of his
claim.

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72. On 1st April 2018, Relaxo Ltd. purchased assets of ₹4,30,000 and took over liabilities of ₹90,000 of Greg Ltd. at [6]
an agreed value of ₹3,80,000. It issued to the vendor, 10% Debentures of ₹100 at 5% discount, redeemable at par
after 5 years, in full satisfaction of the purchase price.

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On the same date, the company issued 500, 11% Debentures of ₹100 each as a collateral security to a bank who
had a advanced a loan of ₹45,000 to it for a period of 3 years and also issued 5,000, 12% Debentures of ₹100
each at par, redeemable after 3 years at 5% premium.
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Additional Information:
The interest on debentures is paid half yearly on 30th September and 31st March each year. Tax deducted at
source @20%. The Company had ₹1,20,000 in its Securities Premium Reserve Account at the end of the
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year(Ignore interest on a bank loan).

You are required to pass Journal entries in the books of Relaxo Ltd. for the year ended 31st March 2019.
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73. X Ltd. Had Rs.12,00,000, 11% Debentures outstanding on 1st April, 2012. During the year, it took a loan of Rs.4 [6]
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Lakh from Canara Bank for which company deposited debentures of Rs. Lakh as collateral security.
Pass journal entries and show how these transactions will appear in Balance Sheet of the company.
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74. A Ltd. company issued a 9% Debenture of the face value of ₹6,00,000 at a discount of 5% on 1st April 2011. [6]
The debenture is repayable by the annual drawing of ₹2,00,000 commencing from the end of 4th year.
Show the Discount on Issue of Debentures A/c, in the company's ledger for the period of duration of
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debentures. Accounts are closed on 31st March each year.

75. X Ltd. raised a bank loan of ₹10,00,000 and issued by way of collateral security 10,000, 12% Debentures of [6]
₹100 each. The Company further issued to public 15,000, 12% Debentures of ₹100 each at 2% discount payable
₹30 on application, ₹18 on allotment, ₹20 on first call and the balance a month later. The public applied for
20,000 debentures. Applications for 12,000 debentures were accepted in full, applications for 4,000 debentures
were allotted 3,000 debentures and the remaining applications were rejected. All amounts were duly received.
Prepare journal entries.

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