The balance sheet of Wallace Ltd., as on 31 st December 2009 was as under: On this
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The balance sheet of Wallace Ltd., as on 31st December 2009 was as under:
On this date, the preference shares were redeemed at par. Journalise and prepare balance sheet after redemption.
Transcribed Image Text:
Liabilities Share Capital: 1,000 Redeemable Preference Shares of 100 each 2,000 Equity Shares of 100 each, fully paid General Reserve Profit & Loss A/c Sundry Creditors 1,00,000 2,00,000 80,000 50,000 75,000 5,05,000 Assets Sundry Assets Bank Balance 3,65,000 1,40,000 5,05,000
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1 Journal Entry for Redemption of Preference Shares Date 31st December 2009 Preference Share Capital ...View the full answer
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