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SRCC Ltd. Has 20,000,, 9% Debentures of ...

SRCC Ltd. Has 20,000,, `9%` Debentures of Rs. 100 each outstanding as on 31st March, 2018. These debentures are due for redemption on 31st March, 2019 at a premium of `10%`. The company had a credit balance of Rs. 22,00,000 in its Surplus, i.e., Balance in Statement of Profit and Loss. Instead of declaring a dividend it decided to redeem the debentures. Pass the necessary Journal entries in the books of the company for the redemption of debentures.

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JOURNAL OF SRCC LTD.

Notes: 1. Instead of declaring a dividend, the company decided to dedeem the debentures means the debentures are redeemed, i.e., Rs. 20,00,000 is transferred to DRR.
2. In the absence of the information regarding the date of investment in specified securities, it is presumed that investment in speccified securities is made on 1st April, 2018
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TS GREWAL-COMPANY ACCOUNTS REDEMPTION OF DEBENTURES-EXERCISE
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