The balance sheet of ABC & Co. Ltd. on 31 st March 2009 stood as follows: Both
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The balance sheet of ABC & Co. Ltd. on 31st March 2009 stood as follows:
Both the redeemable preference shares and debentures were due for redemption on 1st 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.
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Date Particulars Dr Cr 20231016 Preference share capital Ac 50000 10 Debentures Ac 150000 To Bank A...View the full answer
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