[ISC] Q 37 Redemption of Debenture TS Grewal (2024-25)

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Solution of question number 37 of Redemption of Debenture Ts Grewal class 12 ISC Board (2024-25)

Mahima Ltd., an unlisted (Non-NBFC/HFC) company, issued ₹ 38,00,000, 9% Debentures of ₹ 100 each on 1st April, 2019. The debentures were redeemable at a premium of 5% on 30th June, 2023. The company transferred an amount of ₹ 3,80,000 to Debentures Redemption Reserve on 31st March, 2023. Investments as required by law were made in fixed deposit of a bank on 1st April, 2023.

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Ignoring interest on fixed deposit, pass necessary Journal entires starting from 31st March, 2023 regarding redemption of debentures.

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Solution:-

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Anurag Pathak
Anurag Pathak

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