Answer To: Spotlight Ltd has issued share capital of 60, XXXXXXXXXX% redeemable cumulative preference shares of...
Rochak answered on Sep 19 2022
(i) Journal Entries
a. For investments sold for the purpose of Redemption
Bank a/c Dr. Rs. 3,00,000
To Investments a/c Cr. 3,00,000
b. For transfer of balance from Profit & Loss A/c to Preference Shares Redemption A/c
Preference shares redemption reserve A/c Dr. 3,50,000
To Profit and loss A/c Cr. 3,50,000
Bank A/c Dr. 3,50,000
To Preference shares redemption reserve A/c Cr. 3,50,000
c....