Model: Purchase and cancellation of debentures On 31 March 2010, Gemini Ltd.”s balance sheet showed 5,00,000 12% fully paid debentures of Rs.100 each. Interest on debentures is payable on 30 September and 31 March every year. On 1 August 2010, the company purchased 1,00,000 of its own debentures as investment ex-interest Rs.98. However, on 31 March 2011, the company cancelled all these debentures. The company had a balance of Rs.30 lakh in its debentures redemption reserve A/c on that date. Pass journal entries for all the transactions during the year ended 31 March 2011.
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