PRITHVI Ltd had 19,200 12% Debentures of 100 each outstanding as on 1st April, 2019, redeemable on 31st March, 2020. On that day, Debenture Redemption Reserve was ₹ 17,97,600 represented by 2,400 own debentures purchased at the average price of ₹ 99 ex and 9% Govt. Bonds ( face value ₹ 15,84,000). The annual installment was ₹ 68,160. On 31st March, 2020, the investments were realized at 98% and the debentures were redeemed. Pass the necessary journal entries and Prepare 12% Debentures Account and Debenture Redemption Reserve Account.
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