On April 1, 2007, Vycity Limited issued 2,000 100 9% debentures at a premium of 10%. Debentures
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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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To provide 200000 on the date of redemption every year 4640371 should be transferred ...View the full answer
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