(Answered) Question on 1st january 1956 the xy trading company limited

Accounting

Question: On 1st January, 1956, the XY Trading Company Limited issued debentures to the value of £50,000 repayable in twenty years. It was decided to create a Sinking Fund to prepare for the repayment. The rate of interest estimated as receivable was 3 %. Give the entries in the books of account of the company for the first three years.

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