Question

A Limited Company issued on 1st July 2016, 15,000 redeemable preference shares of ₹10 each.
Such shares were redeemable at a premium of 10%. Two-fifths of this issue was redeemed out of
profits on 10th January 2020. On 20th January 2020, the Company issued 30,000 equity shares of
₹10 each at a premium of ₹4 per share. Out of the proceeds of such issue, the balance of
Redeemable Preference Shares was redeemed.
Make journal entries to record these transactions in the books of the company.

Answer 1

Answer:

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