Acompany had issued, sometime ago, 50,000 12% debentures of Rs.100 each at Rs.97.50 redeemable at the end of 10 years at par, or previously by 6 months’ notice at Rs.102 at the company’s option. On 31 March 2010, the accounts showed balances in debenture redemption fund of Rs.2,67,500 represented by 10% Rs.2,14,000 nominal value government loan bonds, purchased at an average price of Rs.101 and Rs.51,360 uninvested in cash. On 1 April 2010, the company decided to purchase Rs.55,000 of its own debentures at an inclusive cost of Rs.51,360 instead of further government loan bonds and this was carried out forthwith. On 30 September 2010, the company gave 6 months’ notice to holders of Rs.2,00,000 worth of debentures and on 31 March 2011 carried out the redemption by sale of Rs.2,04,000 of government loan bonds at par and cancelled the same together with their own holding.
Journalize the forgoing transactions as well as those for interest on government loan bonds and on the company’s own debentures throughout the year ended 31 March 2011. The interest on the bonds being payable on 31 March and on the debentures on 30 September and 31 March.
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