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Nov 2010 p3 questn 6

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nitish0708

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6 A plc company redeemed 50 000 ordinary shares of $5 each at par.
The redemption was in part financed by a new issue of 80 000 preference shares of $1 each,
issued at a premium of $1 per share.
By what amount will distributable reserves be reduced?
A $90 000 B $160 000 C $170 000 D $250 000

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