M ltd issued 10000 8% debentures of rs 100 each at a premium of 10% on 1.1.2004. it purchased sundry assets of the value of rs 250000 and took over the liabilities of rs 190000 and issued 8% debentures at a discount of 5% to the vendor. on the same date it took a loan from the bank for rs 100000 and issued 8% debentures as collateral security. record the entries in the books of m ltd and prepair balance sheet and ignore interest/

please answer it as fast as possible

Date

Particulars

L.F.

Debit Amount

Rs

Credit Amount

Rs

Bank A/c

Dr.

11,00,000

To Debenture Application A/c

11,00,000

(Debenture application money received)

Debenture Application A/c

Dr.

11,00,000

To Securities Premium A/c

1,00,000

To 8% Debenture A/c

10,00,000

(Debenture application money transferred to Debenture account)

01.01.2004

Sundry Assets A/c

Dr.

2,50,00

To Liabilities A/c

1,90,000

To Vendor A/c

60,000

(Business purchased)

Vendor A/c

Dr.

60,000

Discount on Issue A/c (631 debentures × 5)

Dr.

3,155

To 8% Debenture A/c (631 debentures × 100)

63,100

   To Bank A/c (0.55 × 100)

55

(631 debentures of Rs 100 each issued at a discount of 5%)

01.01.2004

Bank A/c

Dr.

1,00,000

To Loan A/c

1,00,000

(Loan taken and Debentures issued as collateral security)

Debenture Suspense A/c

Dr.

1,00,000

  To 8% Debenture A/c

1,00,000

(Debentures issued as collateral security)

Balance Sheet

Liabilities

Amount

Rs

Assets

Amount

Rs

8% Debentures of Rs 100 each

Sundry Assets

2,50,000

(10,000 + 631)

10,63,100

Cash at Bank

Secured Loan

(11,00,000 -55)

10,99,945

8% Debentures

1,00,000

Miscellaneous Expenditure

(Issued as Collateral Security)

Debenture Suspense A/c

1,00,000

Loan from Bank

1,00,000

Discount on Issue of Debentures

3,155

(Secured by issue of 8% Debentures of Rs 1,00,000)

Liabilities

1,90,000

14,53,100

14,53,100