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Set out and close off the ledger accounts

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Question: Karnatic Ltd. has issued £500,000 of Debentures at par on the condition that it opens up and invests a Sinking Fund. During the life of the fund the annual contributions have amounted to £485,000 and interest and dividends on the investments have totalled £9,975. Under the terms of the issue £50,000 of Debentures have been purchased on the open market for £47,860, which was raised by selling investments (costing £37,556) for that amount. The company is now exercising its option to redeem the rest of the Debentures at 102 and the remaining investments are sold for £488,419. Set out and close off the ledger accounts in which these transactions should be recorded.

Reference no: EM131538004

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