B Ltd. had issued 50,000 redeemable preference shares of 10 each, 8 paid. In order to redeem
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B Ltd. had issued 50,000 redeemable preference shares of ₹10 each, ₹8 paid. In order to redeem these shares, the company issued for cash 30,000 equity shares of ₹10 each, at a premium of ₹2 per share. Out of the cash proceeds, the redeemable preference shares were paid and the balance was met out of the reserve fund, which stood at ₹2,50,000. Give journal entries in the books of the company.
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