Parker Ltd. issued 15% 20,000 debentures of Rs.100 each on 1 January 2006 redeemable at a premium of 10% after 5 years. A sinking fund is created for the purpose of redemption of debentures and the money is invested in 5% government securities at par. The investments are to be made in multiples of Rs.100 only. Rs.1 invested p.a. at 5% over 5 years amounts to Rs.5.5256. Investments were realized for Rs.17,50,000 on 31 December 2010 and bank balance on that date was Rs.7,50,000 before receipt of interest and sale of government securities.
Show debentures A/c, sinking fund A/c, sinking fund investments A/c, premium on redemption of debentures A/c and bank A/c. Bank A/c is to be prepared only on 31 December 2010. All calculations are to be made in nearest rupee.
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