Question - 11

On 1st January, 2011 M Ltd. gave notice of its inrention to redeem their outstanding Rs. 8,00,000, 12% debentures at a premium of 5%. The company has a balance of Rs. 8,40,000 at the credit of its P & L A/c instead of declaring a dividend it decides to utilize the profits to redeem the above debentures. What journal entires will the company pass to redeem the above debentures?

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