Question: On 30th September, 1960, the Arconia Co. Ltd. issued £30,000 4% debentures, interest bemg payable on 31st March and 30th September. Give the Debenture Interest Account including the entry for income tax for the period ending 31st March, 1961. Prepare another account on the assumption that the trading year ends on 30th June, 1961. Take income tax at 7/9 in the £.