Company account
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 September 2012
On 1 May 2008, Y Ltd issued 7% 40000 convertible Debentures of rs.100 each at a premium of 20%. Interest is payable on Sep 30 and March 31, every year. Assuming that the interest runs from the date of issue, the amount of interest expenditure debited to P & L A/c for the year ended 31 March 2009?
Guest
Guest
(Expert)
19 September 2012
Interest payable on 30.9.2008- 40000*100*7/100*5/12 = 116666.67/-
Interest payable on 31.3.2009-
40000*100*7/100*6/12 = 140000/-
Total Interest = 256666.67/-
Interest payable on 31.3.2009-
40000*100*7/100*6/12 = 140000/-
Total Interest = 256666.67/-
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