Accounting for Debentures Questions Assignment Solved

Part A

Question 1 Accounting for Debentures

Solution:

Given:

Date of disclosure document	1/8/2020
Date of receipt of application money	30/09/2020
Date of issuance of debentures	1/10/2020

Applications invitations	10000
Application received	11000
Applications refunded	1000

Issue price at par	$80.00
payable on application	100%

annual interest charge	8%
Interest Payments	Semi annually
Dates	31-Dec
	30-Jun

Redemption
Period	5 years
Rate	at nominal rates

Journal:

General Journal
Date	Particulars	Debit	Credit
30/09/2020	Bank A/c	$ 880,000.00
	To 8% Debenture Application and Allotment A/c		$ 880,000.00
	Being receipt of application money on 11,000 debentures

1/10/2020	8% Debenture Application and Allotment A/c	$ 880,000.00
	To 8% Debenture A/c		$ 800,000.00
	To Bank A/c		$ 80,000.00
	Being Debenture Application money transferred to Debenture A/c, and money refunded on rejected application

31/12/2020	Debenture Interest A/c	$ 16,000.00
	To Debenture holders A/c		$ 16,000.00
	Being interest due for 3 months from 1 Oct 2020 to 31 Dec 2020


31/12/2020	Debenture holders A/c	$ 16,000.00
	To Bank A/c		$ 16,000.00
	Being Interest Paid

30/06/2021	Debenture Interest A/c	$ 32,000.00
	To Debenture holders A/c		$ 32,000.00
	Being interest due for 6 months from 1 Jan 2021 to 30 June 2021

30/06/2021	Debenture holders A/c	$ 32,000.00
	To Bank A/c		$ 32,000.00
	Being Interest Paid

30/06/2021	Statement of Profit and Loss	$ 48,000.00
	To Debenture Interest A/c		$ 48,000.00
	Being expense on payments of debenture interest transferred to profit and loss account

Question 2 Accounting for Impairment

Assets	Carrying Amount	Proportion	Loss Allocated	Adjusted Carrying Amount
Inventory	15000	9.09%	4091	10909
Goodwill	30000	18.18%	8182	21818
Plant	80000	48.48%	21818	58182
Motor Vehicles	40000	24.24%	10909	29091
Total	165000	100.00%	45000	120000

General Journal
Date	Particulars	Debit	Credit
30/06/2020	Loss on Impairment	$ 45,000
	To Inventory		$ 4,091
	To Goodwill		$ 8,182
	To Plant		$ 21,818
	To Motor Vehicle		$ 10,909
	Being Impairment loss recognized in the assets of CGU unit

Question 3 Asset Revaluation

1/7/2021	Cost	105000
	Useful Life	7 years
	Depreciation	SLM


	Annual Depreciation Exp	15000

Date	Ending Balance	Depreciation	Carrying Value
1/7/2021	105000	0	105000
30/6/2022	105000	15000	90000
30/6/2023	90000	15000	75000
30/6/2024	75000	15000	60000
30/6/2025	60000	15000	45000

Date	Book Value	Market Value	Impairment Loss
30/6/2023	75000	90000	0
30/6/2025	45000	40000	-5000

General Journal
Date	Particulars	Debit	Credit
30/6/2023	Depreciation Account	15000
	To Equipment Account		15000


General Journal
Date	Particulars	Debit	Credit
30/6/2025	Impairment Loss	5000
	Depreciation Account	15000
	To Equipment Account		20000

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