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Question - Hans Ltd issued 12% R200 000 debentures at 95% of the par value on 1 January 2015. Interest is payable annually on 31 December. The debentures are redeemable at par value over a four year period starting from 31 December 2015. The company's financial year end is 31 December. Similar instruments were trading at 14.6032%. The following schedule is provided to you:
Opening balance
Cash flow
Interest
Balance Outstanding
1 January 2015
190 000
31 December 2015
(74 000)
27 746
143 746
31 December 2016
(68 000)
20 992
96 738
31 December 2017
(62 000)
14 127
48 864
31 December 2018
(56 000)
7 136
-
Required - Prepare the journal entries in respect of the debentures for Hans Ltd for the years ended 31 December 2015 and 2016.
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