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On 1st April, 2015, Mathew Ltd. Issued 10,000, 9% Debentures of ₹ 100 each at a discount of 5%, redeemable at a premium of 5%. These debentures were

Monjur Alahi

On 1st April, 2015, Mathew Ltd. Issued 10,000, 9% Debentures of ₹ 100 each at a discount of 5%, redeemable at a premium of 5%. These debentures were redeemable as follows:
`{:("On31st March, 2016",,,,"2,000 Debentures,"),("On31st March, 2017",,,,"3,000 Debentures,"),("On31st March, 2018",,,,"3,000 Debentures,"):}`
prepare the Loss Issue of Debentures Account, Debentures Account and Premium on Redemption of Debentures Account for the three years.


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Salim Ahmed Kawsar

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Correct Answer - (i) year ended 31st March, 2016: Loss on issue of Debentues - ₹ 1,00,000 to be written off from
Statement of Profit and Loss in the year of issue itself;
(ii) year ended 31 st March, 2016; Debentures A/c will be credited by ₹ 10,00,000. Balance in Debentures
Account 31st March, 2016 - ₹8,00,000; 31st March, 2017- ₹3,00,000, and 31st March, 2018 - Nil.
(iii) Year ended 31st March, 2016: Premium on Redemption of Debentures Account
Will be credited by ₹ 50,000. Balance in the account on 31st March, 2016- ₹ 40,000;
31st March, 2017- ₹ 15,000 and 31st March, 2018- Nil.

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