Company Ltd. Issued 8000 14% debentures of Rs. 100 each at Rs. 105 each on 1st January 2016. Interest on debentures is being paid on 30th June and 31st December every year. Pass journal entries for the year of 2020 and also close interest account. You are also required to solve above question with taking your arid last 4 digit as no. of debentures i.e. 19-arid-4188 use 4188 as no of debentures.

Q: Need your help please. Thank you

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Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.