[ISC] Q 19 Redemption of Debenture TS Grewal (2023-24)

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Solution of question number 19 of Redemption of Debenture Ts Grewal class 12 ISC Board (2023-24)

Health Foods Ltd. had 10,000, 9% Debentures of ₹ 100 each due for redemption at a premium of ₹ 10 each as follows:

On 30th September, 20203,000 Debentures
On 30th September, 20212,000 Debentures
On 30th September, 2022Balance Debentures

Pass the Journal entries for investment in specified securities for the above, Investment is made on 30th April.

Solution:-

Working Notes:

(i) DRI = 15% of ₹ 3,00,000.

(ii) After realisation of securities, balance investment in Specified Securities is ₹ 30,000, i.e., 15% of ₹ 2,00,000, i.e., debentures to be redeemed on 30th Septemeber, 2021)

(iii) After this investment, investment in specified securities is ₹ 75,000 (₹ 30,000 + ₹ 45,000) (i.e., 15% of ₹ 5,00,000, equal to nominal value of debentures to be redeemed on 30th September, 2022).

(iv) At the time of redemption on 30th September, 2022, total investment will be realised, since all the debentures are redeemed).

Here is the list of all Solutions of Redemption of Debenture of TS Grewal class 12 ISC Board 2023-24.

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54Question – 54
55Question – 55
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Anurag Pathak

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