Multiple Choice Questions on On issue of debentures as a collateral security which account is credited ........ for UPSC EPFO Exam Preparation

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Multiple Choice Questions

On issue of debentures as a collateral security which account is credited ........

General Accounting Principles Accounting For Debentures
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    On issue of debentures as a collateral security, which account is credited? 

    Debentures Account

    Correct Answer

    Bank Loan Account

    Incorrect Answer

    Debenture Holdings Account

    Incorrect Answer

    Debenture Suspense Account

    Incorrect Answer
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    Explanation:

    Debentures Suspense a/c Dr.

                                     To Debentures a/c

    (With nominal value of debentures)

    The Debentures Suspense Account will appear on the assets side of the balance sheet and Debentures on the liabilities side. When the loan is re-paid the entry is reversed in order to cancel it.

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