[ISC] Q 31 Redemption of Debenture TS Grewal (2024-25)

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Solution of question number 31 of Redemption of Debenture Ts Grewal class 12 ISC Board (2024-25)

Godrej Ltd., and unlisted (Non-NBFC/HFC) company, has 20,000; 7% Debentures of ₹ 100 each due for redemption out of profits on 31st August, 2024. It has a balance of ₹ 7,50,000 in Debentures Redemption Reserve Account as on 31st March, 2023. Investment, as required by the Companies Act, 2013 is made on 1st April, 2021 in fixed deposit bearing interest @ 6% p.a. Bank deducted TDS @ 10% on its maturity.

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Pass Journal entries for redemption of debentures.

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Solution:-

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