The following are the extract from the Draft Balance Sheet of Omega Tools Ltd as on 31st
Question:
The following are the extract from the Draft Balance Sheet of Omega Tools Ltd as on 31st March, 2017.
Transcribed Image Text:
₹ 10,00,000 8,00,000 1,00,000 General Reserve 3,50,000 Profit and Loss Account 2,50,000 A resolution was passed declaring one bonus share for four shares held. Set out Journal Entries to give effect to the resolution stated above. Authorised capital: 1,00,000 Equity Shares of 10 each Issued, Called-up and Paid-up Capital: 80,000 Equity Shares of 10 each Securities Premium
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 60% (5 reviews)
To Transfer from General Reserve to Capital Reserve This entry transfers the amount f...View the full answer
Answered By
Faith Chebet
In the past two years many of my students have excell with the knowledge I taught them.
0.00
0 Reviews
10+ Question Solved
Related Book For
Corporate Accounting As Per The Companies Act 2013 Including Rules 2014 And 2015
ISBN: 9789352605569
2nd Edition
Authors: M Hanif, A Mukherjee
Question Posted:
Students also viewed these Business questions
-
Following is the trial balance of Standard Ltd as on 31st March 2020: Debit Credit Stock on 31st March 2019 75000 Sales 350000 Purchases 245000 Wages 50000 Discount 5000 Furniture and fittings 17000...
-
A person is six feet tall. How tall must a vertical mirror be if he is able to see his entire length? [2000] (a) 3 ft (c) 7.5 ft (b) 4.5 ft (d) 6 ft
-
The Balance Sheet of Ananda Ltd as on 31st March, 2017 is given below : You are required to show: (a) Necessary Journal Entries to record the above transactions (including cash); (b) The Balance...
-
Refer to E 29 and respond to the following requirements. Data in E 2-9 Prepare the necessary adjusting entries on December 31, 2024, for the Microchip Company for each of the following situations....
-
Gurgling Springs, Inc. is a bottler of natural spring water distributed throughout the New England states. Five-gallon containers of GSI spring water are regionally promoted and distributed through...
-
Using the reconciliations of this chapter and the information in Chapter 2, comment on the adjustments necessary when moving from German or UK accounting to US or IFRS accounting. Chapter 2 Table 5.8...
-
To understand the importance of technology. LO.1
-
A car dealer presently leases a small computer with software for $5000 per year. As an alternative he could purchase the computer for $7000 and lease the software for $3500 per year. Any time he...
-
If the expected return on the market portfolio is estimated to be 16 %, the risk-free rate of interest is 5 %, and the beta of asset i is 0.50 , what is the expected return on asset i using CAPM...
-
The following was the Balance Sheet of Zodiac Ltd. as at 30.9.2016 : I. EQUITY AND LIABILITIES (1) Shareholders' Funds: (a) Share Capital (b) Reserves and Surplus - General Reserve (2) Share...
-
Discuss the latest guide lines issued by the the SEBI for the issue of bonus shares.
-
Following are descriptions of three businesses. For each, assume that you are the CEO. Identify the most critical information you would need to manage the strategic decisions of that business. a....
-
Malaysian Agrifood Corporation Berhad reported sales of RM 7 0 , 0 0 0 in May and RM 8 0 , 0 0 0 in June. The forecast sales for July, August and September are RM 9 0 , 0 0 0 , RM 1 0 0 , 0 0 0 , and...
-
1. Refer to the \"Plotting Data\" lesson (end of "Patterns to Notice") and plot the "Skydiver Velocity vs. Time\" data (taken from the video) on the following graph. to c) d) e) f) 9) Which is the...
-
The Star Company is considering a change in its credit terms to increase sales. Its current credit sales are $8.5 million per year and its present credit terms are 2/16 net of 20 basis. Discount is...
-
Determine the shear flow distribution for a torque of 57265.0Nm applied to the three cell section shown in the figure below. Note that the section has a constant shear modulus throughout. All answers...
-
2 a) Figure 1 shows the orientation of the carbon fibre which is orientate at 0.A9 radians from the vertical plane. Draw and label the element's normal and shear stresses acting on the carbon fibre...
-
Identical negative charges (Q = -e) are located at two of the three vertices of an equilateral triangle. The length of a side of the triangle is . What is the magnitude of the net electric field at...
-
For the following exercises, write the first four terms of the sequence. a n = 2 n 2
-
Following is the balance sheet of Nisha Ltd., as on 31 st December 2011. On 1 st January 2012, the company redeemed the preference shares at a premium of 10%. In order to pay-off the preference...
-
The balance sheet of Suraj Ltd., as on 31 st December 2011, was as under. The company passed the following resolutions on 1st January 2012. (a). To redeem the entire preference share capital at a...
-
The balance sheet of PQ Ltd. on 31 st December 1985 is as under: The preference shares are to be redeemed at 10% premium along with dividend due for 1985. The company issued 45,000 equity shares of...
-
In 2019, Sunland Company had a break-even point of $388,000 based on a selling price of $5 per unit and fixed costs of $155,200. In 2020, the selling price and the variable costs per unit did not...
-
11. String Conversion Given a binary string consisting of characters '0's and '1', the following operation can be performed it: Choose two adjacent characters, and replace both the characters with...
-
Consider the table shown below to answer the question posed in part a. Parts b and c are independent of the given table. Callaway Golf (ELY) Alaska Air Group (ALK) Yum! Brands (YUM) Caterpillar...
Study smarter with the SolutionInn App