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Determine the net increase in share premium

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Question - During the current year, a company issued 10,000, P55, par convertible preference shares for P75. One preference share may be converted into 4 ordinary shares.

60% of the preference shares were converted into P15 par ordinary shares, whose market value at the date of conversion if P20.

Determine the net increase (decrease) in share premium due to the conversion.

Reference no: EM132942591

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