2 Redemption Premium questions from CUET Accountancy 2023 11 June Shift 3 with detailed answers and explanations. Free previous year questions and MCQs.
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Q1mediummcqAccountancyCUET Accountancy 2023 11 June Shift 32026
Rancho Ltd. was running successfully since last 8 years. Post covid there were some financial problems faced by firm, like many industries were facing. Due to their past reputation they could manage the permission from SEBI for issuing of shares on 1 Aug, 2022. They also decided to issue 12% Debentures of Rs. 100 each at 10% Discount and were to be redeemed at 25% premium in such a way that they could arrange fund of Rs. 45,00,000. At the time of issue of Debenture they also issued equity Share of Rs. 30,00,000 at 20% premium.What will be the amount of premium on Redemption of Debentures.
Q2mediummcqCUET AccountancyCUET Accountancy 2025 15 May Shift 12026
The following journal entry appears in the books of X Co. Ltd.Bank A/c Dr. 4,75,000Loss on issue of debenture A/c Dr. 75,000To 12% Debentures A/c 5,00,000To Premium on Redemption of Debenture A/c 50,000In this case the debentures have been issued at a discount of 5% . What is the rate of premium on redemption of debentures?
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