F & R Ltd. issued 5,000, 9% Debentures of ₹ 100 each at par on 1st April, 2020 redeemable at par on 31st March, 2022
Solution:-
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Manish Ltd., an unlisted (Non-NBFC/HFC) company, issued ₹ 40,00,000; 8% Debentures of ₹ 100 each on 1st April, 2019
Solution:-
India Textiles Corporation Ltd. a listed company has outstanding ₹ 50,00,000; 9% Debentures of ₹ 100 each due for redemption on 31st July, 2022
Solution:-
On 31st March, 2022, W Ltd., an unlisted company, not being a NBFC or HFC, had the following balances in its books:
Solution:- Note:- Amount proportionate to 50% Debentures redeemed transferred. Alternatively, DRR may be transferred to General Reserve when all the debentures have been redeemed.
On 31st March, 2022, Geekay Ltd., an unlisted (Non-NBFC or HFC) company, had outstanding ₹ 8,00,000; 9% Debentures due for redemption
Solution:-
IFCI Ltd. (an other Financial Institution as per Section 2(72) of the Companies Act, 2013) issued 10,00,000; 9% Debentures of ₹ 50 each on 1st April, 2017 redeemable on 1st April, 2023
Solution:- NIL Debentures Redemption Reserve is not to be created, it being an other Financial Institution as per Section 2 (72) of the Companies Act, 2013.
Sun Chemicals Ltd. a listed public Limited Company is a manufacturer of chemical fertilisers having turnover of ₹ 50 crore
Solution:- NIL Listed company are exempted to create DRR for the purpose of Redemption of Debenture.
Vishwas Ltd., an unlisted (Non-NBFC or HFC) company, has ₹ 20,00,000, 9% Debentures of ₹ 100 each of which half the amount is due for redemption at a premium of 10%
Solution:- Amount of Profit to be transferred to DRR = ₹ 1,50,000 [i.e., (₹ 20,000 ✕ 10/100) – ₹ 50,000].
Mansi Ltd, an unlisted (Non-NBFC/HFC) company, had 6,000; 10% Debentures of ₹ 100 each due for redemption on 31st March, 2022
Solution:-
Pass necessary Journal entries in the books of Kotak Finance Ltd., a listed NBFC, for issue and redemption of Debentures in the following cases:
Solution:- Case – I Case – II