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Hero ltd.has 5000 ,9%debentures of rs.100 …

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Hero ltd.has 5000 ,9%debentures of rs.100 each outstanding as on 31 march 2018. These debentures are due for redemption on 31 march 2019 at premium of 10%. The company had a surplus ,i.e., Balance in statement of profit and loss of rs.5,50,000. Instead of declaring a dividend ,it decided to redeem the debentures out of surplus (profit). The company invested the funds aa required by law in specified securities on 30th april 2018 earning interest @10% p.a. RECORD NECESSARY JOURNAL ENTRIES AT THE TIME OF REDEMPTION INCLUDING DRR &DRI. (4 marks)

Posted by Abhijeet Sharma 5 years, 9 months ago

CBSE > Class 12 > Accountancy

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