9. R.K. Ltd. had issued 1000 10%. Debentures of Rs. 100 each on 1-4-2008 which were redeemable at 5% premium on 31-3-2014. The company set up debentures redumption fund and invested the same in 5% Government of India bonds. Following are the balances on 31-3-20014 10% debentures account Rs. 1,00,000, Debenture Redumption Fund Account Rs. 1,05,000. Debentures Redumption Fund Investment Account Rs. 90,500 (in 5% Government of Indian Bonds of the face value of Rs. 92,500). Bank Account (after interest receipt and payment) Rs. 2,00,000, premium on Redumption of Debentures Account Rs. 5,000. On 31-3-2014 Government of India Bands were sold at 102% and all the debentures were duly discharged. Show necessary ledger accounts in the books of R.K. Ltd.
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(a) There is no need for creation of DRR because these debentures are fully convertible.
(b) DRR would be created for non-convertible part of debentures.
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