Taking the data of Example 21, show necessary accounts regarding redemption of debentures. Data from Example 21
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Taking the data of Example 21, show necessary accounts regarding redemption of debentures.
Data from Example 21
On April 1, 2007, Vycity Limited issued 2,000 ₹100 9% debentures at a premium of 10%. Debentures have a maturity of four years. To provide for the redemption of debentures, the company created debenture sinking fund at an interest rate of 5% per annum. Re. 0.2320185 invested @ 5% p.a. results into ₹1 at the end of fourth year. On the maturity date debentures were redeemed. Show journal entries.
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