The following is the Balance Sheet of XYZ Limited as on 31.3.2017: The company decides to buy

Question:

The following is the Balance Sheet of XYZ Limited as on 31.3.2017:

The company decides to buy back 20% of its paid-up equity share capital at ₹11 each. For that purpose, it decides to issue 1,600 preference shares of ₹100 each at ₹110. You are required to pass journal entries to record the above transactions.

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

Step by Step Answer:

Related Book For book-img-for-question

Corporate Accounting As Per The Companies Act 2013 Including Rules 2014 And 2015

ISBN: 9789352605569

2nd Edition

Authors: M Hanif, A Mukherjee

See More Books

Question Posted: Aug 16, 2023 01:30 PM

See More Questions

The solution of the partial differential equation d^2 /dt^2 (u(x,t)) - d^2/dx^2 (u(x,t)) = 0 3 u(x,t)_2_u(x,1)=0 satisfying the boundary conditions u(0,1)=0= u(L,t) and initial conditions u(x,0) =...
A limited company decides to buy back 50,000 equity shares of 10 each at a premium of 20%. For this purpose, it decides to issue 10% preference shares of 10 each at par. To meet the requirement of...
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
Pew Research published survey results from two random samples. Both samples were asked, Have you listened to an audio book in the last year? The results are shown in the table below. a. Find and...
The firm for which you work estimates its short run revenue with R = 10e e2 where e is your work effort and R is the firms revenue. You choose your work effort on the short term basis to maximize...
Justin Wimmer is financing $169,700 for a home at 5.25% interest with a 20-year fixed-rate loan. Find the interest paid and principal paid for each of the first two months of the loan and find the...
Distinguish between a divorce a vinculo matrimonit and a divorce a mensa et thoro.
Professor Andy Accrual works for Mega State University (MSU). The state has negotiated a set of special airfares with various airlines for state employees to use when traveling on state business....
a. The company has one truck that it purchased at the start of this year. The truck cost $75,000, had an estimated useful life of five years and is expected to have zero value at the end of the five...
(a) What do you mean by "buy back of shares"? (b) What are the objectives of buying back ?
Beta Limited granted 1,000 options at 40 to its employees under employee stock option scheme. The face value of each option was 10 and its market price at that time was 120. The vesting period is 2...
During the first month of operations ended May 31, 2014, Ice Cold Fridge Company manufactured 17,500 dormitory refrigerators, of which 16,380 were sold. Operating data for the month are summarized as...
Would the term investment be regarded as a microeconomic or a macroeconomic issue? Briefly explain.
A student writes the following: When the producer of a good lowers its price, the demand curve shifts rightward and the price goes back to the initial level. Briefly explain.
What is meant by tax incidence?
Once a market has reached its equilibrium price, it will never move away from it. Do you agree or disagree? Briefly explain.
Why is equilibrium in a competitive market considered to be efficient?
How does the dynamic interpretation of antitrust laws affect managers acquisition strategies? What impact does the involvement of individual states have on the acquisition decision?
Create an appropriate display of the navel data collected in Exercise 25 of Section 3.1. Discuss any special properties of this distribution. Exercise 25 The navel ratio is defined to be a persons...
Lakshmi Ltd. invited applications for 20,000 shares of `10 each, payable as follows: on application 4; on allotment 4; on final call 2. Applications were received for 25,000 shares. The directors...
A company offers to its existing equity shareholders the right to buy one share of 100 each at 120 for every three shares held. The cum rights quotation in the market for the companys share is 180....
What are the purposes for which securities premium amount can be used?
There are increasing expectations among stakeholders for businesses to be 'green'. This seems to advance the motivation for businesses to portray to be 'green' - greenwashing. Required What is...
How can an account receivable ageing schedule help management determine which receivables to write off?
You are given the following financial statement information for Homenick Incorporated: Balance Sheet Cash 12/31/2019 12/31/2018 131,000 60,000 Accounts Receivable Inventory 21,400 25,250 14,100...

The following is the Balance Sheet of XYZ Limited as on 31.3.2017: The company decides to buy

Question:

Step by Step Answer:

To record the transactions of buying back equity shares and issuing ...View the full answer

Corporate Accounting As Per The Companies Act 2013 Including Rules 2014 And 2015

Students also viewed these Business questions