Question

X Ltd. issued 5,000, 12% debentures of Rs.100 each on 1st April,2010 at par redeemable at a premium of 5%. Interest on these debentures is paid half-yearly, i.e. on 30th September and 31st March. Pass necessary journal entries for the year ended 31st March,2011 assuming income tax is deducting @20% on the amount of interest​

Answer 1

Answer:

please take a look on attachment