Question: Kashif Industries Ltd was established with an authorized capital of 50,000 common shares of Rs. 100 each. The company issued 30,000 shares at Rs.

Kashif Industries Ltd was established with an authorized capital of 50,000 common

Kashif Industries Ltd was established with an authorized capital of 50,000 common shares of Rs. 100 each. The company issued 30,000 shares at Rs. 140 each. Later the company purchased its 5,000 shares at Rs. 150 each from the market. The revenue reserves and retained earnings balance were amounting to Rs. 800,000 and Rs. 1,000,000 respectively at that time. Required Pass necessary accounting entries for acquisition of treasury stock by the company. Present equity section of balance sheet of the company. B)

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