A Company redeemed 1000, 15% debentures of Rs. 100 each by converting them to 12% preference shares of Rs. 100 each at 25% premium and 500, 15% debentures of Rs. 100 each by purchasing from market for immediate cancellation at Rs. 95 a debenture. Give Journal entries.

A Company redeemed 1000, 15% debentures of Rs. 100 each by converting them to 12% preference shares of Rs. 100 each at 25% premium and 500, 15% debentures of Rs. 100 each by purchasing from market for immediate cancellation at Rs. 95 a debenture. Give Journal entries.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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