Q.4 Bharat Manufacturing Limited gave notice of its intention to redeem its \( 6 \% \) debenture, amounting to ₹ 4,00,000 of ₹ \( ₹ 100 \) each at ₹ 102 and offered the debenture hoiders the following three option, to apply the redemption money to subscribe for:
1. \( 5 \% \) cumulative preference shares of \( ₹ 20 \) each at \( ₹ 22.50 \) per share.
2. \( 6 \% \) debentures at \( ₹ 96 \) and
3. to have their holdings redeemed for cash.
i) Debenture holders for \( ₹ 1,71,000 \) accepted the Proposal 1,
ii) Debenture holders for \( ₹ 1,44,000 \) accepted the proposal 2 ,
iii) Remaining debenture holders accepted the Proposal 3.
Pass the necessary Journal Entries to record the above transactions in the books of the company.
