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A Ltd. Issued 1,000, 10% debentures of ....

A Ltd. Issued 1,000, 10% debentures of .Rs 100 each at a premium of 5 % . What will be the total amount of interest for one year:

A

`.Rs 10,500`

B

`.Rs 10,000`

C

`.Rs 5,250`

D

`Rs 5,000`

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The correct Answer is:
B
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(Transfer of DRR to General Reserve on redemption of all the debentures). On 1st April 2017, Base Ltd. Issued Rs. 40,00,000, 10% Debentures of Rs. 100 each at a premium of 5% and redeemable at a premium of 10% in equal annual drawing by draw of lots in 2 years starting from 31 st March, 2018. It also decided to transfer amount of DRR to General Reserve after redemption of all the debentures, at the end of that Financial Year. Pass the necessary Journal entries during the years of Issue and Redemption of Debentures. Ignore interest paid on Debentures and interest received in Debentures Redemption Investment.

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  8. Loss on Issue of Debentures is written off :

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