X Ltd. had issued 4,000 6% debenture of Rs.100 each on 18 January 2006. Interest was payable half-yearly on 30 June and 31 December each year. They were repayable at par after 10 years with the option to redeem them at any time after 31 December 2010 as Rs.103. On 1 January 2011, the balance in the debenture redemption fund A/c stood at Rs.2,14,000 which was invested outside. On 30th June 2011, a notice was given for redemption of the above debenture with the option to receive one new 9% debenture of Rs.100 each as Rs.98 and Rs.5 in cash for each 6% debenture in place of Rs.103 in cash.
The holders of 3,600 debentures exercised this option and the remaining were paid cash. The company sold investments costing Rs.1,44,000 for Rs.1,74,800. The company completed the redemption. Give necessary ledger accounts offered by the above transactions. Ignore the tax.
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