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complete answer 8. The following balances appeared in the books of Omega Ltd. as on 1-4-2020: 0) 10% Debentures 75,00,000 () Balance of DRR 2.50,000
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8. The following balances appeared in the books of Omega Ltd. as on 1-4-2020: 0) 10% Debentures 75,00,000 () Balance of DRR 2.50,000 (ii) DRR Investment 3 11,25,000 represented by 10% 7 11,250 Secured Bonds of the Government of India of 100 each. Annual contribution to the DRR was made as per the requirement. On 31-3-2021, balance at bank was 380,00,000 before receipt of interest. Interest on Debentures had already been paid. The investments were realized at par for redemption of debentures at a premium of 10% on the above date. Omega Ltd. is an unlisted company (other than AIFI, Banking company, NBFC and HFC). You are required to prepare Debenture Redemption Reserve Account, Debenture Redemption Reserve Investment Account and Bank Account in the books of Omega Ltd. for the year ended 31st March, 2021Step by Step Solution
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