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.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter15: Contributed Capital

Section: Chapter Questions

Problem 12RE: Assume that Lily Corporation has outstanding 1,500 shares of 150 par callable preferred stock that...

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