MTX Ltd. purchased machinery worth 22,00,000 from TMT Ltd. on 01-04-2022.
*50,000 were paid immediately and the balance was paid by issue of ₹1,60,000, 12%
Debentures of 100 each, redeemable after 4 years at 5% premium. Interest is to be
paid on debentures half-yearly on 30th September and 31st March every year. Record:
(i) Journal entries for purchase of machinery and issue of debentures in the above case
(ii) Interest on debentures
(iii) Writing off Discount/Loss on issue of debentures assuming that company has
balance of ₹5,000 in securities premium account.