A company wishes to redeem its preference shares amounting to 1,00,000 at a premium of 5% and
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A company wishes to redeem its preference shares amounting to ₹1,00,000 at a premium of 5% and for this purpose, issued 5,000 equity shares of ₹10 each at a premium of 5%. The company also has a balance of ₹1,00,000 on general reserve and ₹50,000 on profit and loss account. Pass the necessary journal entries to record the above transaction.
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1 Redemption of Preference Shares When the company redeems its preference shares it needs to ...View the full answer
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Abdul Wahab Qaiser
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