Accounting for Debentures Questions Assignment Solved

Part A

Question 1 Accounting for Debentures

Solution:

Given:

Date of disclosure document1/8/2020
Date of receipt of application money30/09/2020
Date of issuance of debentures1/10/2020


Applications invitations10000
Application received11000
Applications refunded1000


Issue price at par$80.00
payable on application100%


annual interest charge8%
Interest PaymentsSemi annually
Dates31-Dec

30-Jun


Redemption
Period5 years
Rateat nominal rates

Journal:

General Journal
DateParticularsDebitCredit
30/09/2020Bank 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





1/10/20208% 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





31/12/2020Debenture 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









31/12/2020Debenture holders A/c$ 16,000.00

To Bank A/c
$ 16,000.00

Being Interest Paid





30/06/2021Debenture 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





30/06/2021Debenture holders A/c$ 32,000.00

To Bank A/c
$ 32,000.00

Being Interest Paid





30/06/2021Statement 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

AssetsCarrying AmountProportionLoss AllocatedAdjusted Carrying Amount
Inventory150009.09%409110909
Goodwill3000018.18%818221818
Plant8000048.48%2181858182
Motor Vehicles4000024.24%1090929091
Total165000100.00%45000120000
General Journal
DateParticularsDebitCredit
30/06/2020Loss 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

1/7/2021Cost105000

Useful Life7 years

DepreciationSLM









Annual Depreciation Exp15000




DateEnding BalanceDepreciationCarrying Value
1/7/20211050000105000
30/6/20221050001500090000
30/6/2023900001500075000
30/6/2024750001500060000
30/6/2025600001500045000
DateBook ValueMarket ValueImpairment Loss
30/6/202375000900000
30/6/20254500040000-5000
General Journal
DateParticularsDebitCredit
30/6/2023Depreciation Account15000

To Equipment Account
15000








General Journal
DateParticularsDebitCredit
30/6/2025Impairment Loss5000

Depreciation Account15000

To Equipment Account
20000

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