Bright Ltd. Issued 5,000, 10% Debentures of ₹ 100 each on 1st April, 2015. The issue was fully subcribed. Accounting to the terms of issue, interest on the debentures is payable half-yearly on 30th September and 31st March and tax deducted at source is 10%
Pass necessary Journal entries related to the debenture interest for the year ending 31st March, 2016 and transfer of interest on debentures of the year to the Statement of Profit and Loss.