Sarthaks Test
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Pass necessary Journal entries for the following transactions in the books of XYZ Ltd: 

a. Converted 100; 8% Debentures of Rs.100 each into 10% preference shares of Rs.100 each. The preference shares were issued at a premium of 25%. 

b. Redeemed 1,00,000; 8% Debentures at a premium of 10% by draw of lots.

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Case (a)

= 80 shares 

Case (b)

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