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Problem 15: Redemption of Debentures: The Summary Balance Sheet of BEE Co. Ltd. on 31st March, 2012 read as under: (SM) Liabilities Rs. Assets Rs. Share Capital: Freehold property 1,15,000 Authorized: Stock 1,35,000 75,000 30,001 3,00,000 Trade receivables Cash 2,00,000 Balance at Bank 2,20,000 30,000 Equity Shares of Rs. 10 each Issued and Subscribed: 20,000 Equity Shares of Rs. 10 each fully paid Profit and Loss Account 1,20,000 12% Debentures 1,20,000 Trade payables 1,15,000 Proposed Dividends 20,000 5,75,000 5,75,001 At the Annual General Meeting it was resolved: 1. To pay the proposed dividend of 10 per cent in cash. 2. To give existing shareholders the option to purchase one Rs. 10 share at Rs. 15 for ever four shares (held prior to the bonus distribution), this option being taken up by shareholders. 3. To issue one bonus share for every four shares held. 4. To repay the debentures at a premium of 3 per cent. Give the necessary journal entries and the company's Balance Sheet after these transactio are completed. (Ans: Balance sheet total: 5.06.4C 20000 Shares Kiival