Aemilia Limited issues 350,000 ordinary shares of 25 pence each at a premium of 175 pence per share for cash. What is the correct double entry to record this issue of share capital in the books of account of Aemilia Limited?
A) Debit share capital £700,000, Credit cash (bank account) £700,000.
B) Debit share capital £87,500, Debit share premium £712,500, Credit cash (bank account) £700,000.
C) Debit cash (bank account) £700,000, Credit share capital £700,000.
D) Debit cash (bank account) £700,000, Credit share capital £87,500. Credit share premium £612,500
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