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Give Journal Entries for the Following: 1. X Limited Redeems its 5,000 redeemable preference shares of R0 100 each at par. For this purpose, it issued 30,000 equity shares of RO 10 each at par and, for the balance; it utilizes the profit and Loss Account which had a sufficient balance. 2. Y Limited redeems its 2000 redeemable preference shares of R0 100 each at par. For this purpose, it issued 1,200 equity shares of RO 100 each at 10% premium and, for the balance, it utilizes the profit and Loss Account which had a sufficient balance. 3. Z Limited redeems its 10,000 redeemable preference shares of RO 10 each at par. For this purpose, it issued 4,000 equity shares of RO 10 each at 10% discount and, for the balance, it utilizes the profit and Loss Account which had a sufficient balance.

Give Journal Entries for the Following: 1. X Limited Redeems its 5,000 redeemable preference shares of R0 100 each at par. For this purpose, it issued 30,000 equity shares of RO 10 each at par and, for the balance; it utilizes the profit and Loss Account which had a sufficient balance. 2. Y Limited redeems its 2000 redeemable preference shares of R0 100 each at par. For this purpose, it issued 1,200 equity shares of RO 100 each at 10% premium and, for the balance, it utilizes the profit and Loss Account which had a sufficient balance. 3. Z Limited redeems its 10,000 redeemable preference shares of RO 10 each at par. For this purpose, it issued 4,000 equity shares of RO 10 each at 10% discount and, for the balance, it utilizes the profit and Loss Account which had a sufficient balance.

FINANCIAL ACCOUNTING
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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Give Journal Entries for the Following: 1. X Limited Redeems its 5,000 redeemable preference shares of RO 100 each at par. For this. purpose, it issued 30,000 equity shares of RO 10 each at par and, for the balance; it utilizes the profit and Loss Account which had a sufficient balance. 2. Y Limited redeems its 2000 redeemable preference shares of R0 100 each at par. For this purpose, it issued 1,200 equity shares of RO 100 each at 10% premium and, for the balance, it utilizes the profit and Loss Account which had a sufficient balance. 3. Z Limited redeems its 10,000 redeemable preference shares of RO 10 each at par. For this purpose, it issued 4,000 equity shares of RO 10 each at 10% discount and, for the balance, it utilizes the profit and Loss Account which had a sufficient balance.
Transcribed Image Text:Give Journal Entries for the Following: 1. X Limited Redeems its 5,000 redeemable preference shares of RO 100 each at par. For this. purpose, it issued 30,000 equity shares of RO 10 each at par and, for the balance; it utilizes the profit and Loss Account which had a sufficient balance. 2. Y Limited redeems its 2000 redeemable preference shares of R0 100 each at par. For this purpose, it issued 1,200 equity shares of RO 100 each at 10% premium and, for the balance, it utilizes the profit and Loss Account which had a sufficient balance. 3. Z Limited redeems its 10,000 redeemable preference shares of RO 10 each at par. For this purpose, it issued 4,000 equity shares of RO 10 each at 10% discount and, for the balance, it utilizes the profit and Loss Account which had a sufficient balance.
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