Maira Retail Chain Ltd., an unlisted (non-NBFC/HFC) company, had 6,000, 8% Debentures of ₹ 1,000 each outstanding for redemption to be redeemed as follows:
On 31st March, 2020
On 31st March, 2021
On 31st March, 2022
It complied with the requirements of Companies Act, 2013 by transferring amount to Debentures Redemption Reserve on 31st March, 2020 and invested in fixed deposit with State Bank of India on 1st April, 2019, which proportionate amount of investment was to be redeemed.
Pass the necessary Journal entries from 1st April, 2019 onwards.