Mahima Ltd., an unlisted (Non-NBFC/HFC) company, issued ₹ 38,00,000, 9% Debentures of ₹ 100 each on 1st April, 2019. The debentures were redeemable at a premium of 5% on 30th June, 2022. The company transferred an amount of ₹ 3,80,000 to Debentures Redemption Reserve on 31st March, 2022. Investments as required by law were made in fixed deposit of a bank on 1st April, 2022.
Ignoring interest on fixed deposit, pass necessary Journal entires starting from 31st March, 2022 regarding redemption of debentures.