Question

Y Ltd. has 2,00,000 9% redeemable preference shares of 10 each fully paid. The
company decides to redeem the shares at par. For the purpose, it issues 80,000 equity
shares at 10 each. The Board also decides to utilise a general reserve of 7,00,000 and
any amount required from profit and loss account which has a credit balance of 7 6,00.000,
The issue was fully subscribed and all the amounts were received. The redemption was
duly carried out. Give journal entries.
llar paid redeemable preference shares of 100 each, each​

Answer 1

Answer:

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