Question - 32

On 1.1.1999 X Ltd. issued 3000, 12% debentures of Rs. 100 each at par redeemable at 5% premium and offered the holders option to convert their holdings into equity shares of Rs. 10 each at par after 31.12.2001. On 1.1.2002, 40% holders exercised their option. Give journal entries on 1.1.2002.

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