Question :
Y Ltd., purchased plant and machinery for Rs.2,00,000 from Z Ltd. 20% of the amount was paid by Y Ltd. by accepting a bill of exchange in favour of Z Ltd. and the balance was paid by issuing 6% debentures of Rs. 1,000 each at a premium of 25%.
Securities premium reserve credited with --------
Option 1: Rs 3,20,000
Option 2: Rs 28,000
Option 3: Rs 25,000
Option 4: None of the above
Answer (1)
25th Jan, 2024
Correct Answer: Rs 3,20,000
Solution : Answer = Rs 3,20,000
Z Ltd - Dr 20,00,000
To B/P - 4,00,000
To % DeBentures - 12,00,000
To securities Premium 3,20,000
$\left(Rs\frac{1600000}{1250}=1280 \mathrm{deb}\right)$
3,20,000
Hence, the correct option is 1.
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