Times Sports Ltd. Issued 15,000, 10% Debentures of ₹ 100 each on 1st April, 2018.The issue was fully subscribed. According to the terms of iusse, interest is payable on half-yearly basis. Pass Journal entries for Interest on Debentures for the year ended 31st March, 2019 (Ignore TDS).

Explanation

Notes: Entry for payment is not passed assuming that it is not yet paid and will be paid in the next year.
Alternatively, If the interest is paid on 31st March, 2019, the entry will be:
March31 Debenturcholde₹' A/C " " ..Dr. " " ₹ 75,000
To Bank A/c " " ₹ 76,000
(being the interest paid to debentureholde₹)