Limited has an authorised capital of ₹40,00,000 divided into equity shares of ₹100 each. The Balance Sheet of the Company as on 31.12.2016 was as follows :(i) Issue 6,000 equity shares of 100 each at 120 per share; 6,80,000 9,20,000 8,40,000 24,40,000 24,00,000 6,00,000 4,00,000 34,00,000

(ii) Redeem out of profits the debentures on 30.6.2017 together with interest for 6 months;

(iii) Give an option to the debentureholders to receive either cash or 15% Debentures at par for the amount due. The holders of 2,00,000 of the old debentures accepted new debentures worth 2,16,000. The debentures which the company held as an investment were cancelled. You are required to prepare necessary Ledger Accounts and to re- draft the company's Balance Sheet.

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X Ltd Balance Sheet as at 31st December, 2016 I. EQUITY AND LIABILITIES (1) Shareholders' Funds: (a) Share Capital (b) Reserves and Surplus (c) Money Received against Share Warrants Particulars (1) Note No. (2) (1) (₹) (3) 22,00,000 24,40,000