Question - 34

On 1st Jan., 1999 Z Ltd. issued 12% debentures of Rs. 10 each at par redeemable at 5% premium and offered the holdres option to convert their holdings into equity sahres of Rs. 10 each at 4% discounts after 31st Dec., 2001. On 1st January, 2002, 40% holders exercised their option. Give journal entries on 1st January, 2002.

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