Ownclasses

On 1.4.2015, KVK Ltd. issued 15,000, 9% debentures of ₹ 100 each at a discount of 7%, redeemable at a premium of 10% after 10 years. The company closes its books on 31st March every year. Interest on 9%debentures is payable on 30th September and 31st March every year. The rate of tax deducted at source is 10%.
Pass necessary journal entries for the issue of 9% debentures and debenture interest for the year ended 31.3.2016.

Answer
On 1.4.2015, KVK Ltd. issued 15,000, 9% debentures of ₹ 100 eacOn 1.4.2015, KVK Ltd. issued 15,000, 9% debentures of ₹ 100 eac