On 1st April, 2021, following were the balances of Blue Bird Ltd., an unlisted (Non-NBFC/HFC) Company:
10% Debentures (redeemable out of profits on 30th September, 2022)
Surplus, i.e., Balance in Statement of Profit & Loss
The company met the requirements of the Companies Act, 2013 for Debentures Redemption Reserve and Investment and redeemed the debentures.
Pass necessary Journal entries for the above transactions in the books of the company.