The following is the balance sheet of Ramani company limited as on 31.12.96: The company resolved to

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The following is the balance sheet of Ramani company limited as on 31.12.96:

The company resolved to redeem its preference shares at a premium of 2% out of profits. Give the necessary journal entries.

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Corporate Accounting

ISBN: 9789353160739

1st Edition

Authors: Anita Raman, P. Radhika

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Question Posted: Aug 31, 2023 04:48 AM

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The following is the balance sheet of Ramani company limited as on 31.12.96: The company resolved to

Question:

Liabilities Share capital: 1,000 6% Redeemable preference shares of ₹100 Each fully paid 20,000 equity shares of 10 Each Profit & Loss A/c Sundry creditors ₹ 1,00,000 2,00,000 1,20,000 30,000 4,50,000 Assets Fixed assets Cash at Bank ₹ 3,10,000 1,40,000 4,50,000

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Journal Entry Debit Credit Explanation Transfer Profit to Profit and Loss App...View the full answer

Corporate Accounting

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