Redemption at a premium and fresh issue at premium:
A company has 10,000 9% redeemable preference shares of Rs. 100 each fully paid. The company decide to redeem the shares on 31st December, 2004 at a premium of 10%. The company makes the following issues: (i) 6,000 equity shares of Rs.100 each at a premium of 10%.
(ii) 4,000 8% debentures of Rs.100 each. The issue was fully subscribed and Allotment were made. The redemption was fully carried out. The company has sufficient profit. You are required to give the necessary journal entries.
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