On April 1, 2010 X Limited has 10,000; 100 each, 12% debentures. The terms of issue provide
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On April 1, 2010 X Limited has 10,000; ₹100 each, 12% debentures. The terms of issue provide that every year 1/5 of debentures to be redeemed by making purchase from open market. During the year 2010–11, the company purchased the following debentures for immediate cancellation:
(i) 800 debentures at a market price of ₹98 per debenture
(ii) 1,200 debentures at a market price of ₹99.20 per debenture.
Show necessary journal entries in the books of accounts.
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Journal Dr i 12 Debenture ac To Bank ac 78400 To Profit on redemption of ...View the full answer
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