On 31 st December 1993, the balance sheet of Sundaram Ltd., stood as follows: On the above
Question:
On 31st December 1993, the balance sheet of Sundaram Ltd., stood as follows:
On the above date, the preference shares had to be redeemed. For this purpose, 1,000 equity shares of ₹100 each were issued at ₹110. The shares were immediately subscribed and paid for. The preference shares were duly redeemed. Give journal entries and balance sheet after redemption.
Transcribed Image Text:
Liabilities Redeemable Preference Shares Capital Equity Share Capital General Reserve Sundry Creditors 5,00,000 2,00,000 1,50,000 1,00,000 9,50,000 Assets Sundry Assets Cash at Bank 7,60,000 1,90,000 9,50,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 40% (5 reviews)
Journal Entries Date Particulars Debit Credit 31Dec1993 Redemption of Preference Shares 760000 To Eq...View the full answer
Answered By
Akash M Rathod
I have been utilized by educators and students alike to provide individualized assistance with everything from grammar and vocabulary to complex problem-solving in various academic subjects. I can provide explanations, examples, and practice exercises tailored to each student's individual needs, helping them to grasp difficult concepts and improve their skills.
My tutoring sessions are interactive and engaging, utilizing a variety of tools and resources to keep learners motivated and focused. Whether a student needs help with homework, test preparation, or simply wants to improve their skills in a particular subject area, I am equipped to provide the support and guidance they need to succeed.
0.00
0 Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business 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...
-
Mcpies International Limited manufactures expensive cars in Japan and then exports some cars to sell in Australia. John Automotive in Australia is currently handling the dealership across Australia...
-
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...
-
Prepare an adjusted trial balance on May 31. Wildhorse's Hotel opened for business on May 1, 2022. Its trial balance before adjustment on May 31 is as follows. Account Number 101 126 130 140 141...
-
What is the difference between earned income and unearned income?
-
Describe how the graph of f(x) = -2x + 2 - 3 can be obtained from the graph of y = x.
-
Recording payroll Using the earnings data developed in E3-1, and assuming that this was the first week of employment for B. Pitt with Angel Manufacturing Company, prepare the journal entries for the...
-
Owen and Sonja Cornell are married. They are the parents of two children: Kirsten (born on July 1, 2000) and Ingrid (born on May 17, 2009). Ingrid does not have any income. Kirsten (SIN 805 232 329)...
-
HW Question 11, 6.4.75 V 13.6 X Find the average rate of change of f from 0 to - 2 f(x) = COs x
-
Sam Ltd. had as part of the share capital 20,000 preference shares of 100 each fully paid up. When the shares became due for redemption, the company had 12,00,000 in its reserve fund. The company...
-
The following is the summarised balance sheet of a company: For the purpose of redemption of preference shares, the company made a fresh issue of 4,500 equity shares of 10 each, at a premium of 10%....
-
List three properties common to command buttons, option buttons, and text boxes.
-
Cunningham and Reilly Crane Hire plc has common stock with an ex dividend market price of 0.70 per share and a constant expected annual dividend growth rate of 5%. A dividend of 0.10 per share has...
-
What was the most interesting or most useful concept you learned about this week? Why did you find it interesting or useful?
-
What is the Future capital and technology investments in production infrastructure of Cold Pressed peanuts oil business in the world today and advice on growth and development?
-
3. Edwards plc manufactures silver cutlery which requires two key processes, Melting and Moulding, the output of Melting passing forward to Moulding. At the start of March 2021, 300 units were 20%...
-
Investigate the role of advanced numerical methods, such as finite element analysis and computational fluid dynamics, in simulating fluid-structure interaction phenomena in hydraulic engineering...
-
From the partial worksheet shown below, prepare a formal income statement. PORTER'S PANTS CO. PARTIAL WORKSHEET FOR YEAR ENDED DECEMBER 31, 2012 Income Statement Cr. Account Titles Dr. Income Summary...
-
Show that the block upper triangular matrix A in Example 5 is invertible if and only if both A 11 and A 22 are invertible. Data from in Example 5 EXAMPLE 5 A matrix of the form A = [ A11 A12 0 A22 is...
-
From the following Balance Sheet of R S Enterprise Ltd., prepare Cash Flow Statement as per AS----3 and comment on it. Other information available on 31.3.2016: (i) An old furniture (valued at ...
-
Which of the following assertions about cash flow statements is / are correct ? 1. A cash flow statement prepared using direct method produces a different figure for operating cash flow from that...
-
The following are Summarised Balance Sheet of CD Ltd. as on 31st March, 2015 and 2016: Additional information: (i) 10% Dividend was paid during 2015-16. (ii) Machinery for 60,000 was purchased and...
-
Isaac was recruited to serve as the Chief Financial Officer (CFO) of Eta Corporation, a privately-owned company in the healthcare industry, effective March 1, 2022. Throughout the fiscal year 2023,...
-
Perpetual inventory using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Dec. 1 1 , 6 0 0 units at $ 3 5 Purchases Dec. 1 0 8 0 0...
-
A B C D E 1 Exercise 5 Diverse Company makes three products that require a special raw material that is in limited 1 2 supply. To follow is the financial and production data per unit: Sales price...
Study smarter with the SolutionInn App