Advertisement Remove all ads

Srcc Ltd. Has Issued on 1st April, 2017, 20,000, 12% Debentures of ₹ 100 Each Redeemable by Draw of Lots as Under: - Accountancy

Advertisement Remove all ads
Advertisement Remove all ads
Short Note

SRCC Ltd. has issued on 1st April, 2017, 20,000, 12% Debentures of ₹ 100 each redeemable by draw of lots as under:
During the year ended on 31st March, 2018        :    15%
During the year ended on 31st March, 2019        :    25%
During the year ended on 31st March, 2020        :    15%
During the year ended on 31st March, 2021        :    25%
During the year ended on 31st March, 2022        :    20%

How much minimum investment should be made by SRCC Ltd. as per Companies Act, 2013 before redemption of debentures? When should it be made? 

Advertisement Remove all ads

Solution

Amount to be invested in specified securities:

Year ended on

Date of Investment

Redeemable Amount

Minimum amount of DRI

March 31, 2018

On or before 30.04.17

20,00,000×15% = 3,00,000

3,00,000×15% = 45,000

March 31, 2019

On or before 30.04.18

20,00,000×25% = 5,00,000 5,00,000×15% = 75,000

March 31, 2020

On or before 30.04.19

20,00,000×15% = 3,00,000 3,00,000×15% = 45,000

March 31, 2021

On or before 30.04.20

20,00,000×25% = 5,00,000 5,00,000×15% = 75,000

March 31, 2022

On or before 30.04.21

20,00,000×20% = 4,00,000 4,00,000×15% = 60,000
Concept: Meaning of Redemption of Debentures
  Is there an error in this question or solution?
Advertisement Remove all ads

APPEARS IN

TS Grewal Class 12 Accountancy - Double Entry Book Keeping Volume 2
Chapter 3 Redemption of Debentures
Exercise | Q 6 | Page 29
Advertisement Remove all ads
Share
Notifications

View all notifications


      Forgot password?
View in app×