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Question 1. Asked on :08 August 2021:03:36:22 AM

Write the journal entries for conversion of Debentures into Shares?

-Added by Master Purushottam Accountancy » Issue & Redemption Of Debentures

Answer:

Master Purushottam

 Journal Entries:

1. On receipt of application money:

    Cash/Bank Account                                         Dr.

        To Debenture Application Account

2. For allotment of debentures:

    Debentures Application Account                     Dr.

       To Convertible Debenture Account

3. For conversion of the convertible debentures into equity / preference shares at          par 

    Convertible Debentures Account              Dr.

       To Equity / Preference Share Capital Account

4. For conversion of the convertible debentures into equity / preference shares at a        premium: 

   Convertible Debentures Account     Dr.

       To Equity / Preference Share Capital Account 

      To Security Premium Account


-Answered by Master Purushottam On 08 August 2021:03:38:45 AM(21452Average Rating Based on rating)

 

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