[ISC] Q 41 Redemption of Debenture TS Grewal (2023-24)

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Solution of question number 41 of Redemption of Debenture Ts Grewal class 12 ISC Board (2023-24)

Sham Motors Ltd., and unlisted (Non-NBFC/HFC) company, issued 40,000; 7% Debentures of ₹ 100 each on 1st July 2015 redeemable at premium of 5% as under:

On 31st March, 202116,000 Debentures
On 31st March, 202216,000 Debentures
On 31st March, 20238,000 Debentures

It was decided to transfer amount out of profit to Debentures Redemption Reserve ₹ 50,000 on 31st March, 2018; ₹ 1,00,000 on 31st March, 2019 and balance on 31st March, 2020. It invested the required amount in terms of the Companies Act, 2013 in Government Securities and decided to realise them after last redemption. Pass Journal entries ingnoring interest.

Solution:-

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

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