Q16 (Put Options) XYZ Ltd. issued 5,000, 8% debentures of Rs. 100 each at premium of Rs. 5 per debentures. As per the terms of issue these debentures were to be redeemed after 7 years at par. The debenture holders were given the option to get their debenture redeemed at Rs. 120 per debentures any time after 2 years but before maturity. After 4 years debentures holder holding debentures of Rs. 1,00,000 exercised the option and get their debentures redeemed. Pass necessary journal entries related to issue and redemption of debentures redeemed under put options.