Chand Ltd. issued on 1 April 2007 60,000, 12% debentures of Rs.100 each, redeemable at the option of the company after the second year at Rs.104 upon two months’ notice. The following debentures were purchased in the open market:
These debentures were retained as investments till 30 September 2010 when the debentures were cancelled. Due dates for interest on debentures are 30 September and 31 March. The books of accounts are closed every year on 31 March. Show the following ledger accounts for the year 2009–10; and 2010–11.
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