handwritten not accepted

neatly narrate journal entries with working notes

urgent in 30 min

answer only if you can answer in 30 min

Mr. A Mr. B 8% Debentures 3,00,000 1,00,000 12% Debentures 4,00.000 200.000 Total 7,00,000 3,00,000 The following scheme of internal reconstruction was framed and implemented, as approved by the court and concerned parties: (1) Uncalled capital is to be called up in full and then all the shares to be converted into Equity Shares of 340 each. (2) The existing shareholders agree to subscribe in cash, fully paid up equity shares of 40 each for 12,50,000. (3) Trade creditors are given option of either to accept fully paid equity shares of 40 each for the amount due to them or to accept 70% of the amount due to them in cash in full settlement of their claim. Trade creditors for 7,50,000 accept equity shares and rest of them opted for cash towards full and final settlement of their claim. (4) Mr. A agrees to cancel debentures amounting to 32,00,000 out of total debentures due to him and agree to accept 15% Debentures for the balance amount due. He also agree to subscribe further 15% Debentures in cash amounting to 1,00,000. (5) Mr. B agrees to cancel debentures amounting to 350,000 out of total debentures due to him and agree to accept 15% Debentures for the balance amount due. (6) Land & Building to be revalued at 51,84,000, Machinery at 7,20,000, Computers at 4,00,000, Inventories at 33,50,000 and Trade receivables at 10% less to as they are appearing in Balance Sheet as above. (7) Outstanding Expenses are fully paid in cash. (8) Profit & Loss A/c will be written off and balance, if any, of Capital Reduction Alc will be adjusted against Capital Reserve. You are required to prepare necessary Journal Entries for all the above transactions and draft the company's Balance Sheet immediately after the reconstruction