Solved: Lambda ltd redeemed its debentures liability of 50 000 on 1, Accounting Basics

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Lambda ltd redeemed its debentures liability of 50 000 on 1

Question - Lambda Ltd redeemed its debentures liability of $50 000 on 1 July 2011. The company has sufficient cash on hand, and decides to redeem on the open market at a premium of 5%. Prepare the necessary journal entries to record the transactions.

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Accounting Basics: Lambda ltd redeemed its debentures liability of 50 000 on 1

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