(a)

On 1st October, $\displaystyle 2021$ Pihu Ltd. issued ₹ $\displaystyle 15,00,000$, $\displaystyle 9$% Debentures of ₹ $\displaystyle 20$ each at a discount of ₹ $\displaystyle 6$ per debenture. The company had a balance of ₹ $\displaystyle 1,00,000$ in 'Securities Premium Reserve Account' on the same date. On 31st March, $\displaystyle 2022$ the company decided to write off discount on issue of debentures according to the provisions of Companies Act, 2013. Pass necessary journal entries for issue of debentures and writing off discount on issue of debentures. (b) On 1st April, $\displaystyle 2021$, Soma Ltd. purchased land from Mona Ltd. Soma Ltd. issued a cheque of ₹ $\displaystyle 10,00,000$ and accepted a bill of exchange payable after $\displaystyle 6$ months for ₹ $\displaystyle 5,00,000$ in favour of Mona Ltd. The balance amount was paid by issuing $\displaystyle 5,000$, $\displaystyle 10$% Debentures of ₹ $\displaystyle 100$ each at par. Pass the necessary journal entries in the books of Soma Ltd. for the above transactions.

Books of Pihu Ltd. JOURNAL Amount Date Particulars LF Amount Dr (₹) Cr (₹) $\displaystyle 2021$ (i) Oct Bank A/c Dr. $\displaystyle 10,50,000$ $\displaystyle 1$ To Debenture Application & Allotment A/c $\displaystyle 10,50,000$ (Application money received on $\displaystyle 9$% Debentures) ______________________________________ (ii) Debenture Application & Allotment A/c Dr. $\displaystyle 10,50,000$ Discount/Loss on issue of Debentures A/c Dr. $\displaystyle 4,50,000$ To $\displaystyle 9$% Debentures A/c $\displaystyle 15,00,000$ (Debenture application money transferred to $\displaystyle 9$% Debentures Account) ______________________________________ (iii) $\displaystyle 2022$ Statement of Profit & Loss Dr. $\displaystyle 3,50,000$ Mar Securities Premium / Securities $\displaystyle 31$ Premium Reserve A/c Dr. $\displaystyle 1,00,000$ To Discount/Loss on Issue of Debentures A/c $\displaystyle 4,50,000$ (Discount / loss on issue of debentures written off) _______________________________________ (b)On 1st April, $\displaystyle 2021$, Soma Ltd. purchased….. Ans Books of Soma Ltd. JOURNAL LF Amount Amount Date Particulars Dr (₹) Cr (₹) $\displaystyle 2021$ (i) Apr $\displaystyle 1$ Land A/c Dr. $\displaystyle 20,00,000$ To Mona Ltd $\displaystyle 20,00,000$ (Land purchased from Mona Ltd) ________________________________ (ii) Mona Ltd Dr $\displaystyle 10,00,000$ To Bank A/c $\displaystyle 10,00,000$ (Purchase consideration partly settled by issuing a cheque) ________________________________ (iii)Mona Ltd Dr $\displaystyle 5,00,000$ To Bills Payable A/c $\displaystyle 5,00,000$ (Purchase consideration partly settled by accepting a bill of exchange) ________________________________ (iv)Mona Ltd Dr $\displaystyle 5,00,000$ To $\displaystyle 10$% Debentures A/c $\displaystyle 5,00,000$ (Remaining Purchase consideration settled by issuing $\displaystyle 5,000$ $\displaystyle 10$% debentures) Alternatively (for (ii) +(iii)+ (iv)) $\displaystyle 20,00,000$ Mona Ltd Dr $\displaystyle 10,00,000$ To Bank A/c $\displaystyle 5,00,000$ To Bills Payable A/c $\displaystyle 5,00,000$ To $\displaystyle 10$% Debentures A/c (Purchase consideration settled by issuing a cheque, accepting a bill of exchange and issuing $\displaystyle 5,000$ $\displaystyle 10$% debentures) ________________________________ PART B OPTION - I (Analysis of Financial statements)