Question

the Madras industries Ltd has a part of its share capital 2000 redeemable preference shares of 100 each fully paid these shares have now become redemption.the company issued 1000 equity shares of 10 each at a premium of 15% with the object of redeeming the said preference shares. the whole amount was received in cash the redeemable preference shares were then paid out of the proceeds of the new issues the balance having been met out of general reserve which stood at 120000 journalism the above transaction and also show the appropriate ledger accounts in the books of the company​

Answer 1

Explanation:

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