Question

Illustration 11
Pollock Co. Ltd. has issued 60,000 7% redeemable preferences shares of
Rs. 100 each. Under the terms of the issue of shares, redemption was to take place
on 1st April 1998. A general reserve of Rs. 37,50,000 had already been built up out
of past profits
. For the purpose of redemption 22,500 new 6% preference shares
of Rs.100 each were offered to the public at a premium of Rs. 20, payable in full on
application. The new issue was fully subscribed and paid for. Thereupon 7%
redeemable preference shares were redeemed.
Show the ledger accounts to record the above transactions.​

Answer 1

Answer:

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