Question - 33

On 1st Jan., 1999 Y Ltd. issued 2000, 12% debentures of Rs. 100 each at par redeemable at 5% premium and offered the holders to convert their holdings into equity shares of Rs. 10 each at 20% premium after 31st Dec., 2001.

On 1st Jan., 2002, 40% holder's of exercised their option. Give journal entries on 1st Jan., 2002.

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