Grocer Grocey Bhd has in issue 1,000,000 ordinary shares issued at RM3.50 per share and 500,000...
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Grocer Grocey Bhd has in issue 1,000,000 ordinary shares issued at RM3.50 per share and 500,000 redeemable preference shares issued at RM1.50 per share. The preference shares are redeemed at RM1.50 out of the capital. For the purpose of the redemption, Grocer Grocey Bhd also has sufficient retained profits but not revaluation reserves. Required: Calculate the total contributed capital immediately after the issuance of shares. a) b) Prepare the journal entry to record i) ii) the redemption of the preference shares the issuance of shares. (Assume Grocer Grocey received cash). Grocer Grocey Bhd has in issue 1,000,000 ordinary shares issued at RM3.50 per share and 500,000 redeemable preference shares issued at RM1.50 per share. The preference shares are redeemed at RM1.50 out of the capital. For the purpose of the redemption, Grocer Grocey Bhd also has sufficient retained profits but not revaluation reserves. Required: Calculate the total contributed capital immediately after the issuance of shares. a) b) Prepare the journal entry to record i) ii) the redemption of the preference shares the issuance of shares. (Assume Grocer Grocey received cash).
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Related Book For
Introduction to Accounting An Integrated Approach
ISBN: 978-0078136603
6th edition
Authors: Penne Ainsworth, Dan Deines
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