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Honesty Ltd., an unlisted manufacturing company, had 30,000, 6% Debentures of 100 each due for redemption at par on 31st March, 2023. On this date
Honesty Ltd., an unlisted manufacturing company, had 30,000, 6% Debentures of 100 each due for redemption at par on 31st March, 2023. On this date the company had the required amount of 3,00,000 in its Debenture Redemption Reserve. The Debenture Redemption Investment, which was purchased on 30th April, 2022, was realized at 101% on the date of redemption of the debentures and the debentures were redeemed. You are required to pass journal entries in the books of the company for the year 2022-23. (Ignore interest on debentures)
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