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X. Ltd. redeemed 1,000, 12% debentures of Rs. 50 each by converting them into 15% New Debentures of Rs.10. each. Journalise.

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Working Notes:

Number of Debentures to be issued = (Amount due to debenture holders/Agreed amount of debentures)

\(\frac{50,000}{100}\) = 500.

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