On March 31, 2010, a company has 5,000 100 14% preference shares. The preference shareholder can opt
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On March 31, 2010, a company has 5,000 ₹100 14% preference shares. The preference shareholder can opt for any of the two options for the redemption of these shares. The options are
(i) Redemption at par by cash payment and
(ii) Conversion into equity shares of face value of ₹10 each at a premium of ₹10 each.
Holders of 3,200 preference shares opted for (i) option and rest for (ii) on March 31, 2010 the redemption was carried out, show necessary entries regarding redemption.
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Option i Total amount due on redemption of 3200 preference shares is 320000 Here it should be consid...View the full answer
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