shaalaa.com
S

Solution - Redemption of Debentures for Immediate Cancellation - Draw of Lots, Lump Sum and Purchase in the Open Market

Account
User


Login
Register


      Forgot password?
Share
Notifications

View all notifications
Books Shortlist
Your shortlist is empty

Question

On 1-4-2013 JN Ltd had 10,000, 9% Debentures of 100 each outstanding.

(i) On 1-4-2014 the company purchased in the open market 2000 of its own debentures for 101 each and cancelled the same immediately.

(ii) On 1-4-2015 the company redeemed at par debentures of 4, 00,000 by draw of a lot.

(iii) On 28-2-2016 the remaining debentures were purchased for immediate cancellation for 3, 97,000.

Pass necessary journal entries for the above transactions in the books of the company ignoring debentures redemption reserve and interest on debentures

Solution

You need to to view the solution
Is there an error in this question or solution?

Appears in these question papers

Similar questions VIEW ALL

Solution for concept: Redemption of Debentures for Immediate Cancellation - Draw of Lots, Lump Sum and Purchase in the Open Market. For the courses CBSE (Arts), CBSE (Commerce), CBSE (Science)
S