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Chapter 4 – Issue and Redemption of Debentures Debenture Debenture Is an Instrument Acknowledging a Debt Issued by a Company Under Its Common Seal

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Chapter 4 – Issue and Redemption of Debentures Debenture Debenture Is an Instrument Acknowledging a Debt Issued by a Company Under Its Common Seal Chapter 4 – Issue and Redemption of Debentures Debenture Debenture is an instrument acknowledging a debt issued by a company under its common seal. It contains the provisions regarding the repayment of principal and interest at a fixed rate. Issue of debenture with terms of redemption Case I: Debentures Issued at Par Redeemable at Par Case II: Debentures Issued at Premium Redeemable at Par Case III: Debentures Issued at Discount Redeemable at Par Case IV: Debentures Issued at Par Redeemable at Premium Case V: Debentures Issued at Premium Redeemable at Premium Case VI: Debentures Issued at Discount Redeemable at Premium Case I: Debentures Issued at Par Redeemable at Par (a) On receipts of debenture application money Bank A/c Dr. To Debentures Application and Allotment A/c (Being the application money received) (b) On transfer of application money to Debenture A/c Debentures Application and Allotment A/c Dr. To ….% Debentures A/c (Being the application money transferred to debentures account) Case II: Debentures Issued at Premium Redeemable at Par (a) On receipts of debenture application money Bank A/c Dr. To Debentures Application and Allotment A/c (Being the application money received) (b) On Transfer of Application money to Debenture A/c Debentures Application and Allotment A/c Dr. To ….% Debentures A/c To Securities Premium A/c (Being the application money transferred to debentures account) Case III: Debentures Issued at Discount Redeemable at Par (a) On receipts of Debenture application money Bank A/c Dr. To Debentures Application and Allotment A/c (Being the application money received) (b) On Transfer of Application money to Debenture A/c Debentures Application and Allotment A/c Dr. Discount on Issue of Debenture A/c Dr. To ….% Debentures A/c (Being the application money transferred to debentures account) Case IV: Debentures Issued at Par Redeemable at Premium (a) On receipts of debenture application money Bank A/c Dr. To Debentures Application and Allotment A/c (Being the application money received) (b) On transfer of application money to Debenture A/c Debentures Application and Allotment A/c Dr. Loss on Issue of Debenture A/c Dr. To ….% Debentures A/c To Premium on Redemption of Debenture A/c (Being the application money transferred to debentures account) Case V: Debentures Issued at Premium Redeemable at Premium (a) On receipts of debenture application money Bank A/c Dr. To Debentures Application and Allotment A/c (Being the application money received) (b) On transfer of application money to Debenture A/c Debentures Application and Allotment A/c Dr. Loss on Issue of Debenture A/c Dr. To ….% Debentures A/c To Securities Premium A/c To Premium on Redemption of Debenture A/c (Being the application money transferred to debentures account) Case VI: Debentures Issued at Discount Redeemable at Premium (a) On receipts of debenture application money Bank A/c Dr. To Debentures Application and Allotment A/c (Being the application money received) (b) On transfer of application money to Debenture A/c Debentures Application and Allotment A/c Dr. Discount on Issue of Debenture A/c Dr. Loss on Issue of Deb. A/c Dr. To ….% Debentures A/c To Premium on Redemption of Debenture A/c OR Debentures Application and Allotment A/c Dr Loss on Issue of Debenture A/c Dr. To ….% Debentures A/c To Premium on Redemption of Debenture A/c (Being the application money transferred to debentures account) ISSUE OF DEBENTURES FOR CONSIDERATION OTHER THAN CASH 1. When asset purchase Sundry Assets A/c Dr. To Vendor’s A/c To Bank A/c (money paid, if any) (Being Assets purchase for ` ___) 2. (a) When Debentures issue at par Vendor’s A/c Dr. To ….% Debentures A/c (Being issue ___ Debentures at ` ___ per share) (b) When Debentures issued at premium Vendor’s A/c Dr. To ….% Debentures A/c To Securities Premium A/c (Being issue ___ Debentures at ` ___ per share with ` ___ as premium) (c) When Debentures issued at discount Vendor’s A/c Dr. Discount on Issue of Debentures A/c Dr. To ….% Debentures A/c (Being issue ___ Debentures at ` ___ per share with ` ___ as premium) Working notes: Calculation of no. of Debentures issued to vendor = Amount Payable/ Issued price per Debenture Interest on Debentures 1. On Interest due to Debentures Holders Interest on Debentures A/c Dr. To Debentures Holders A/c To TDS Payable A/c (Being the debentures interest due) 2. On Making payment of interest to debentures holders Debentures Holders A/c Dr. TDS Payable A/c Dr. To Bank A/c (Being the debentures interest paid) 3. On transfer of interest on debenture to Statement Profit & Loss Statement Profit and loss A/c Dr. To interest on debenture A/c (Being the interest transferred to profit and loss A/c) Issue of debentures as collateral security Collateral security means additional security. When primary security is not able to pay the amount of loan then company issued debenture as collateral security. It is additional security over above the primary security. Method – I In this method no entry will be made, only a note to account will be providing in balance sheet as follows: Balance sheet (An Extract) Particulars Note No Rs. I. Equities and Liabilities Non-Current Liabilities (a) Long-term borrowings 1 XXX Notes to Accounts Particulars Rs. 1. Long-term borrowings Loan from Bank XXX (Issued ..... Debentures @ ` ..... per Debenture as collateral security) Method – II In this method following entry will be made and note to be shown in notes to account. Debenture Suspense A/c Dr. To .....% Debenture A/c (Being issued debentures as collateral security recorded) Balance sheet (An Extract) Particulars Note No Rs. II. Equities and Liabilities Non-Current Liabilities (a) Long-term borrowings 1 XXX Notes to Accounts Particulars Rs. 1. Long-term borrowings Loan from Bank XXX …..% Debentures XXX (-) Debenture Suspense (XXX) NIL (Issued ..... Debentures @ ` ..... per Debenture as Collateral Security) XXX .
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