Ananya Ltd'. had an authorised capital of Rs. 10,00,00,000 divided into 10,00,000 equity shares of Rs. 100 each. The company had already issued 2,00,000 shares. The divident paid per share for the year ended 31 st March, 2007 was Rs. 30. The management decided to export its products to african countries. To meet the requirements of additional funds, the finance manager put up the following three alternate proposals before the Board of Directiors:
(a) Issue 47,500 equity shares at a premium of Rs. 100 per
(b) Obtain a long-term loan from bank which was available at `12%` are annum.
(c ) Issue `9%` Debentures at a discount of `5%`
After evaluating these alternatives, the company decided to issue 1,00,000, `9%` Debentures on 1 st April, 2008. The face value of each debenture was Rs. 100. These debentures were redeemable in four instalments starting from the end third year, which were as follows :
`{:("Year",III,IV,V,VI),("Amount (Rs.)","10,00,000","20,00,000","30,00,000","40,00,000"):}`
Prepare `9%` Debenture Account from 1st April, 2008 till all the debentures were redeemed.