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You are working in Moon Ltd. The company issued on January 1, 2016, 2,00,000, 8% debentures of Rs. 100 each repayable at the end of 4 years at par. It was decided to create sinking fund for the redemption of debentures. The investments are expected to earn interest at 5% p.a. Reference to the sinking find table shows that Re. 0.23012 invested at 5% p.a. amounts to Re. 1 at the end of four years. On December 31, 2019, the investments were sold at Rs. 14500000 and the debentures were redeemed. Entries relating to interest and TDS on debentures may be ignored.
Question 1: Prepare the 8% Debentures Account; Sinking Fund Account; and Sinking Fund Investment Account in the books of Moon Limited for all the four years.
Question 2: The Moon Limited also took a loan of Rs. 40,00,000 from State Bank of India Limited on December 1, 2019 and deposited 4,00,000; 7% debentures of Rs. 10 each as collateral security. Give the accounting treatment for issue of 7% debentures as collateral security. Explain briefly
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