The following balances appeared in the books of Cheerful Ltd. as on 1 April 2010:
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12% Debentures Don't use plagiarized sources. Get Your Custom Essay on
on 31 march 2011 rs 1 04 000 was appropriated for the sinking fund and on the same d 618220
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10,00,000 |
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(Face Value 100) |
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Debentures Redemption Fund |
6,25,000 |
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Debentures Redemption Fund |
6,25,000 |
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Investments |
(In 8% Government Bonds of the Face Value of Rs.7,50,000)
Interest on the debentures was payable on 30 September and 31 March and interest on government bonds was receivable on the same dates. On 31 May 2010, the company purchased for immediate cancellation 1,250 debentures in the market at Rs.96 each cum-interest. The amount required for this was raised by selling 8% government bonds of the face value of Rs.1,35,000 cum-interest. On 31 March 2011, Rs.1,04,000 was appropriated for the sinking fund and on the same date 8% government bonds were acquired for the amount PLUS the interest on investments. The face value of government bonds acquired was 1,86,000. You are required to show the ledger accounts in the books of the company. Ignore tax.
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