Accountancy is a necessity, Auditing is a luxury' Comment, giving reasons for your opinion. Tushar Ltd.
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Question:
Accountancy is a necessity, Auditing is a luxury' Comment, giving reasons for your opinion.
Tushar Ltd. Provides you the following information:
1. Issued capital: 200000 Equity shares of Rs. 10 each
20000, 10% Pref. Shares of Rs 100 each (issued two months back for the purpose of buy-back)
2. Reserve and Surplus:
Capital Reserve: Rs 1000000
Securities Premium : Rs. 1800000
Revenue Reserve: Rs 3000000
Profit and loss A/c: 4000000
3. Resolution passed to buy back of shares : 25% of equity shares @ Rs 50 per share
You are required to pass the journal entries to record the above transactions assuming that the company achieved the target of buy back.
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