[ISC] Q 39 Redemption of Debenture TS Grewal (2024-25)

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Solution of question number 39 of Redemption of Debenture Ts Grewal class 12 ISC Board (2024-25)

Rich Proteins Ltd., an unlisted (Non-NBFC/HFC) company, issued ₹ 20,00,000, 8% Debentures divided into debentures of ₹ 100 each on 1st April, 2020, redeemable in four equal annual instalments starting from 31st March, 2023. The company decided to transfer ₹ 1,00,000 to Debentures Redemption Reserve each year on 31st March, 2021 and 2022.

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The company invested in Government securities as required by the Companies Act, 2013 on 1st April, 2022 to be realised on last redemption.

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Pass necessary Journal entries for the above transactions.

Solution:-

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