Internal reconstruction..

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

01 September 2011 debenture holder agreed to take over freehold property book value rs 100000 at a valuation 120000 in part payment of their holdings & to provide additional cash of 130000 secured by a floating charges on companys asset at an interest of 8% pa.. amount of freehold property is 425000 6% dentures rs 3750000...can u tell me journal entry for internal reconstruction please

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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01 September 2011 1) Debebture Dr.100000
Loss on redempotion of debenture Dr. 20000
To Freehold property 120000

2)Cash/Bank Dr 130000
To 8% Debentures 130000

The last part of your question is not clear

Querist : Anonymous

Querist : Anonymous (Querist)

06 September 2011 sir
in trial balance freehold property is for rs 425000 and 6% debenture is for 375000..

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