journal entry
This query is : Resolved
Kanika Garg
(Querist)
07 October 2009
What is the journal entry if preference shares worth Rs. 100 is issued at a premium of Rs. 5 and redeemable at a premium of Rs. 3?
Entry is required at the time of issue of shares.
Entry is required at the time of issue of shares.
C.A.Harish Singh
(Expert)
13 October 2009
At the time of issue of share
bank a/c Dr. 105
To Pref. Share Capital 100
To Security Premium 5
At the time of Redemption
Free Reserve a/c Dr.103
To Capital Redemption Reserve 103
Pref. Share Capital a/c Dr. 100
Premium on redem. on p.c. capital Dr.3
To Pref.Share Holder a/c 103
Pref. Share Holder A/c Dr.103
To Bank 103
bank a/c Dr. 105
To Pref. Share Capital 100
To Security Premium 5
At the time of Redemption
Free Reserve a/c Dr.103
To Capital Redemption Reserve 103
Pref. Share Capital a/c Dr. 100
Premium on redem. on p.c. capital Dr.3
To Pref.Share Holder a/c 103
Pref. Share Holder A/c Dr.103
To Bank 103
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