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Purchased Machinery- Rs 4 lakhs without cash by issuing debentures to the seller. Issued 10% debentures of Rs 100 each at premium of 25%. Debentures account credited with?
A
B
C
D
Number of debentures issued = 400000/ 125 = 3200 debentures
Accounting entry
Machinery account debit Rs 400000
To Debenture issued account Rs 320000 (3200 X100)
To securities premium account Rs 80,000 (3200 X25)
So, debentures account is credited with Rs 320,000
By: Parvesh Mehta ProfileResourcesReport error
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