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As a contribution towards capital reduction scheme, the 5% debenture

As a contribution towards capital reduction scheme, the 5% debenture holders, who were to receive 13,80,000 from the company, have

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As a contribution towards capital reduction scheme, the 5% debenture holders, who were to receive ₹13,80,000 from the company, have agreed to reduce their claims to 50%, which is to be satisfied half by the issue of 7% mortgage debentures and half by the issue of 8% preference shares of ₹100 each. Pass necessary journal entry in the books of company.

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To record the capital reduction scheme in the books of the company you need to pass journal entries …View the full answer

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