X ltd had 100000 9 redeemable preference shares of rs100, Ask an Expert

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X Ltd had 100000 9% redeemable preference shares of Rs.100 each full paid. The company decided to redeem these pref. shares at par by issue of sufficient number of equity shares of Rs.10 each at a premium of Rs.2 per share as fully paid-up. You are required to pass necessary journal entry in the books of X Ltd.

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