**Journal Entries for Redemption of Debentures**

1. **Purchase of Debentures from Open Market:**
- Debenture Redemption A/c Dr. (Nominal A/c)
- To Bank A/c (Real A/c)
- (Being debentures purchased from open market)

Explanation: To redeem Rs.20,000 debentures, the company purchases them from the open market at a discounted price of Rs.99 each. The nominal account "Debenture Redemption A/c" is debited to record the expense incurred in purchasing the debentures. The real account "Bank A/c" is credited as the payment is made in cash.

2. **Drawing of Debentures at Par:**
- Debenture Redemption A/c Dr. (Nominal A/c)
- To Debentureholders A/c (Personal A/c)
- (Being debentures drawn at par)

Explanation: To redeem Rs.5,000 debentures, the company exercises its option to draw the debentures at par value. The nominal account "Debenture Redemption A/c" is debited to record the redemption expense. The personal account "Debentureholders A/c" is credited to reduce the liability towards the debentureholders.

3. **Cancellation of Debentures:**
- Debentureholders A/c Dr. (Personal A/c)
- To Debenture Redemption A/c (Nominal A/c)
- (Being debentures cancelled)

Explanation: The company cancels the debentures that have been redeemed. The personal account "Debentureholders A/c" is debited to reduce the liability towards the debentureholders. The nominal account "Debenture Redemption A/c" is credited to record the cancellation.

4. **Interest on Debentures:**
- Interest on Debentures A/c Dr. (Nominal A/c)
- To Debentureholders A/c (Personal A/c)
- (Being interest on debentures paid)

Explanation: The company pays the interest on the outstanding debentures. The nominal account "Interest on Debentures A/c" is debited to record the expense. The personal account "Debentureholders A/c" is credited to reduce the liability towards the debentureholders.

5. **Transfer of Surplus to General Reserve:**
- Surplus A/c Dr. (Real A/c)
- To General Reserve A/c (Real A/c)
- (Being surplus transferred to general reserve)

Explanation: If there is any surplus remaining after the redemption of debentures, it is transferred to the general reserve. The real account "Surplus A/c" is debited to reduce the surplus amount, and the real account "General Reserve A/c" is credited to increase the reserve.

**Note: Please note that the above journal entries are just examples and may vary depending on the specific circumstances and accounting policies of the company. It is always recommended to consult a professional accountant or refer to the company's accounting guidelines when recording such transactions.