On 1st April, 2015, V.V.L. Ltd. Issued 1,000, 9% Debentures of â‚¹ 100 each at a discount of 6%, redeemable at a premium of 10% after three years. Pas

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On 1st April, 2015, V.V.L. Ltd. Issued 1,000, 9% Debentures of â‚¹ 100 each at a discount of 6%, redeemable at a premium of 10% after three years. Pas

On 1st April, 2015, V.V.L. Ltd. Issued 1,000, 9% Debentures of â‚¹ 100 each at a discount of 6%, redeemable at a premium of 10% after three years. Pass necessary Journal entries for the issue of debentures and debentures interest for the year ended 31st March, 2016, assuming that interest is payable on 30th September and 31st March and the rate of tax deducted at source is 10% .

Monjur Alahi

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2025-01-04 04:42

1 Answers

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Salim Ahmed Kawsar · Accepted Answer · 2023-02-05T15:29:48+06:00

Salim Ahmed Kawsar

Amount received as Debentures Application and Allotment A/c` = 1,000xx â‚¹ 94 = â‚¹ 94,000`.
Interest on 1,000 Debenturs of â‚¹ `100 each for 6 mount = â‚¹ 1,00,000xx9//100xx6//12 = â‚¹4,500.`
Amount of TDS to be deducted `@ 10 % =â‚¹ 4,500xx 10//100 = â‚¹ 450.`

5 views Answered 2023-02-05 15:29