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X Co. Ltd. had issued 200,000 redeemable preference shares of shs. 100 each. Under the terms of the issue of shares, redemption was to take place on April 1, 2018. A general reserve of Shs. 1,2500,000 had already been built up out of past profits. For the purpose of the redemption, 75 new preference shares of shs. 100 each were offered to the public at a premium of shs. 50, payable in full on application. The new issue was fully subscribed and paid for. Thereupon 6% redeemable preference shares were redeemed.
Required:
Problem 1: Pass the journal entries to record the above transactions.
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