Question 3 On April 1, 2011 PT Plc issued 2,500,000 12% fully convertible debentures of N100 each at par. The debenture holders were given the call option to convert the debentures into N10 equity shares at a premium of N40 per share on or after July 1, 2015. On April 1, 2016, debenture holders holding 1,000,000 debentures exercised their option. Required: Pass the necessary journal entries. Question 4 Beta Ltd. had issued 11% 500,000 debentures of N100 each redeemable on 31st March 2015 at a premium of 5%. = The company offered three options to debenture holders as under: (i) 13% Preference shares of N10 each at N10.50 (ii) 14% debentures of N100 at par. (iii) Redemption in cash. The options were accepted as under: Option (i) by holders of 100,000 debentures. Option (ii) by holders of 100,000 debentures. Option (iii) by holders of 300,000 debentures. The company carried out the redemption. Required: Pass the necessary journal entries.