[ISC] Q 53 Redemption of Debenture TS Grewal (2023-24)

Solution of question number 53 of Redemption of Debenture Ts Grewal class 12 ISC Board (2023-24)

Excel Motors Ltd., an unlisted (Non-NBFC or HFC) company, issued on 1st April, 2016, 4,500; 10% Debentures of ₹ 100 each at a premium of 5% redeemable at a premium of 10% by purchase from open market or by draw of lots every year debentures of nominal value of ₹ 1,50,000 beginning 31st March, 2019. The company transferred the required amount to DRR on 31st March, 2019. It also invested the required amount in Debentures Redemption Investment as required by law. The company purchased 1,500; 10% Debentures on 1st January, 2019 @ ₹ 98 and cancelled them on 31st March, 2019.

It purchased another lot of 1,500; 10% Debentures on 1st March, 2020 @ ₹ 106 per debenture and cancelled them on 31st March, 2020.

Remaining debentures were purchased on 15th March 2020 @ ₹ 115 per debenture and cancelled them on 31st March, 2020.

You are required to pass necessary Journal entries.

Solution:-

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

S.N	Questions
1	Question – 1
2	Question – 2
3	Question – 3
4	Question – 4
5	Question – 5
6	Question – 6
7	Question – 7
8	Question – 8
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10	Question – 10

S.N	Questions
11	Question – 11
12	Question – 12
13	Question – 13
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16	Question – 16
17	Question – 17
18	Question – 18
19	Question – 19
20	Question – 20

S.N	Questions
21	Question – 21
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24	Question – 24
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28	Question – 28
29	Question – 29
30	Question – 30

S.N	Questions
31	Question – 31
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33	Question – 33
34	Question – 34
35	Question – 35
36	Question – 36
37	Question – 37
38	Question – 38
39	Question – 39
40	Question – 40

S.N	Questions
41	Question – 41
42	Question – 42
43	Question – 43
44	Question – 44
45	Question – 45
46	Question – 46
47	Question – 47
48	Question – 48
49	Question – 49
50	Question – 50

S.N	Questions
51	Question – 51
52	Question – 52
53	Question – 53
54	Question – 54
55	Question – 55