Joint Stock Accounts : Issue of Debentures — Flashcards
ICSE · Class 12 · Accountancy
37 flashcards for Joint Stock Accounts : Issue of Debentures (ICSE Class 12 Accountancy) to test yourself on key terms and facts.
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What is a debenture?
Answer
A debenture is an instrument issued by a company under its common seal, acknowledging debt to the holder and containing an undertaking to repay the principal on or after a specified date and to pay in…
Who is a debentureholder?
Answer
A debentureholder is the person to whom debentures are issued. A debentureholder is a loan creditor of the company, not an owner. Debentureholders do not take part in management and do not receive sur…
How is a shareholder different from a debentureholder?
Answer
A shareholder is an owner of the company and may participate in management. A debentureholder is only a creditor and has no ownership rights. Shareholders receive dividend only from profits, while deb…
State the legal definition of debentures under the Companies Act, 2013.
Answer
"Debenture includes debenture stock, bonds and any other securities of a company whether constituting a charge on the assets of the company or not." This definition shows that debentures may or may no…
Give Topham's definition of debenture.
Answer
"Debenture is a document given by a company as evidence of a debt to the holder usually arising out of a loan and most commonly secured by a charge." This definition highlights that a debenture is evi…
What are the main features of a debenture?
Answer
A debenture acknowledges a stated debt, promises periodic interest at a fixed rate, states the repayment period, gives details of security if any, and is issued under the common seal of the company. U…
What is meant by loan capital?
Answer
The money raised by issuing debentures is called loan capital because it is borrowed money. It is different from share capital because it creates a debt that has to be repaid with interest.
What is the maturity limit for debentures under the Companies Act, 2013?
Answer
No company is allowed to issue debentures having a maturity date of more than 10 years from the date of issue. A company engaged in infrastructure projects can issue debentures for more than 10 years …
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