On 1st April, 2013, the following balances appeared in the books of Jeet Ltd.: `{:("9% Debentures (Redeemable on 31st March, 2015)"," ","Rs. 30,00,000
On 1st April, 2013, the following balances appeared in the books of Jeet Ltd.:
`{:("9% Debentures (Redeemable on 31st March, 2015)"," ","Rs. 30,00,000"),("Debenture Redemption Reserve"," ","Rs. 5,00,000"):}`
The Campany met the requirement of Companies Act, 2013 regarding Debenture Redemption Reserve and Debenture Redemption Investment and redeemed the debentures. Ignoring interest on investment pass necessary Journal entries for the above transactions in the books of the company.
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Amount transferred to Debenture Redmption Reserve = Rs. 2,50,000.
Debenture Redemption Investment= Rs. 4,50,000.
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