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Manish Ltd. Issued Rs. 38,00,000 8% Debe...

Manish Ltd. Issued Rs. 38,00,000 `8%` Debentures of Rs. 100 each on 1st April, 2017 terms of issue stated that debentures were to be redeemed at premium of `5%` on 30th June, 2019. The Company decided to transfer out of profits Rs. 5,00,000 to Debentures Redemption Reserve on 31st March, 2018 and Rs. 4,50,000 on 31st March. 2019. Investment at the rate specified in law was made in fixed deposit of a bank on 1st April, 2019.
Pass necessary Journal entries regarding the issue and redemption of debentures, without providing for either the interest or loss on issue of debentures. Also ignore interest on fixed deposit.

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JOURNAL OF MANISH LTD.
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TS GREWAL-COMPANY ACCOUNTS REDEMPTION OF DEBENTURES-EXERCISE
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