On 31st March, 2018, Vipul Ltd. had ? 30.00,000, 8% Debentures of Rs 100 each outstanding.
On 1st June, 2018, it purchased in the open market, 20,000 of its own debentures @ Rs 102 per debenture and cancelled these debentures immediately.
On 31st December, 2018, the remaining debentures were purchased @ Rs 98 per debenture for immediate cancellation.
You are required to pass necessary journal entries for the redemption of debentures. (Ignore interest on debentures and entries for provisions regarding Debenture Redemption Reserve and Debenture Redemption investment).
