The balance sheet of ABC & Co. Ltd. on 31 st March 2009 stood as follows: Both

Question:

The balance sheet of ABC & Co. Ltd. on 31^stMarch 2009 stood as follows:

Both the redeemable preference shares and debentures were due for redemption on 1^st April 2009. The company arranged for the following:

(a). It issued 2,000 equity shares of ₹100, at a premium of 10%.

(b). It sold the investments for ₹90,000.

(c). It arranged a bank overdraft to the extent necessary.

The redemption was carried out. Give entries for redemption of preference shares and debentures and balance sheet after redemption.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Corporate Accounting

ISBN: 9789353160739

1st Edition

Authors: Anita Raman, P. Radhika

See More Books

Question Posted: Aug 31, 2023 04:47 AM

See More Questions

(a) Discuss the complexity of Quick Sort and Merge Sort for best, average and worst case. (b) Write the steps of Quick sort to sort following set of elements. Write all the steps where the pivot...
The Reliance group started growing initially, through an expansion of Reliance Textile Industries Limited. The following are the excerpts forming a part of the balance sheet of Reliance Textile...
The following was the Balance Sheet of R Ltd. as on March 31, 2016: No preference dividend has been paid for eight years and the company is handicapped by the antiquated nature of its plant. In the...
I keep getting the second question wrong. Can you help me to getthat one, please thank you.I tried 8.66, and 8.67 does not are the correct answer A firm has 10 million shares outstanding with a...
Why are workers' compensation payments treated differently from unemployment compensation payments for tax purposes?
Given the following probability distribution for an infinite population with the discrete random variable, x: a. Determine the mean and the standard deviation of x. b. For the sample size n = 2,...
For the accounts of her business Rebecca Goumas uses sales, purchases, cash receipts, cash payments and general journals along with subsidiary ledgers for accounts receivable and accounts payable....
Will the Kindle revolutionize the book industry? Why or why not?
26 The number of protons, neutrons, electrons in some particles are shown in the table below Particle Protons Neutrons electrons P 1 1 2 Q 2 2 2 R 3 4 2 T 4 5 4 Which one of the following particles...
Following is the balance sheet of Raja Ltd., as on 31 st December 1998. On the above date, preference shares are redeemed to the extent possible at a premium of 5%. Journalise and give the amended...
True or False. Redemption of preference shares can be considered as reduction of capital of the company.
Global positioning satellites (GPS) can be used to determine position with great accuracy. The system works by determining the distance between the observer and each of several satellites orbiting...
Nonverbal realms, such as emotions and music, are controlled primarily by the __________hemisphere of the brain, whereas the __________hemisphere is more responsible for speaking and reading.
The gap between two neurons is bridged by a chemical connection called a __________.
Which set of prerequisites must be met before an instance can be accessed from the Internet? Choose one or more options. A. The instance must be in a public subnet. B. The instance must be in a...
What must a company do for hedge accounting to be applied?
To what degree is intelligence influenced by the environment and to what degree by heredity?
On January 1, 2011, Peres Company purchases 80% of the common stock of Soap Company for $308,000. On this date, Soap has common stock, other paid-in capital in excess of par, and retained earnings of...
$10,000 was borrowed at 3.5% on July 17. The borrower repaid $5000 on August 12, and $2000 on September 18. What final payment is required on November 12 to fully repay the loan?
Before issue of bonus shares A. The partly paid-up shares, if any, are to be forfeited B. The partly paid-up shares, if any, are to be made fully paid-up C. The partly paid-up shares, if any, will be...
An issuer shall not make an allotmnent pursuant to a public issue of the number of the prospectrive allottes is A. less than 200 B. less than 500 C. less than 1,000 D. None of the above
The face of equity share A. Cannot be less than 10 in any circumstances B. Can be less than 10 if the issue price is less than 500 C. Can be less than 10 if the issue price is less than 400 D....
A soccer team uses cones to outline their field in practices. The volume of each of the cones is 1.05 liters. The height of each cone is equal to 3 times the radius of the base. Estimate the radius...
in to besde low gansz Newton and Leibniz are credited as being the co-founders of calculus. A Source Book in Mathematics (D.E. Smith) includes a section from Newton's calculus papers. Read Newton's...
Suppose f is a differentiable function of x and y, and g(u, v) = f(e" + sin(v), eu + cos(V)). Use the table of values to calculate gu(0, 0) and g(0, 0). f g fx fy (0, 0) 3 0 6 5 (1, 2) 0 3 9 4 gu(0,...

The balance sheet of ABC & Co. Ltd. on 31 st March 2009 stood as follows: Both

Question:

Step by Step Answer:

Date Particulars Dr Cr 20231016 Preference share capital Ac 50000 10 Debentures Ac 150000 To Bank A...View the full answer

Corporate Accounting

Students also viewed these Business questions