[ISC] Q 48 Redemption of Debenture TS Grewal (2023-24)

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Solution of question number 48 of Redemption of Debenture Ts Grewal class 12 ISC Board (2023-24)

On 1st April, 2019, Lotte Ltd., an unlisted (Non-NBFC or HFC) company, issued 4,000, 9% Debentures of ₹ 100 each at par.

The terms of issue provided that beginning from 31st March, 2021, ₹ 2,00,000 debentures would be redeemed either by draw of lots or by purchase in the open market every year. The expenses of issue amounted to ₹ 12,000 which were written off from Securities Premium in the year of issue.

On 31st March, 2021, debentures to be redeemed were repaid by drawings.

During the year ended 31st March, 2022, the company purchased for cancellation 2,000 debentures at the market price of ₹ 98 on 31st December, the expenses being ₹ 400.

Interest on debentures is payable yearly on 31st March each year.

Pass necessary Journal entries in the books of the company to record the transactions including those for Debentures Redemption Reserve and Investment.

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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54Question – 54
55Question – 55
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Anurag Pathak

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