Question
The statement of financial statement of Heap Roofing Systems Ltd. as at 30 November 2020 showed the following position: Statement of Financial Position as at
The statement of financial statement of Heap Roofing Systems Ltd. as at 30 November 2020 showed the following position:
Statement of Financial Position as at 30/11/2020 GH000 GH000 Assets Cash and bank 1,800 Account receivables 620 Inventory 830 Sundry non-current assets 1,850 Total Assets 5,100 Liabilities & Equity Liabilities: Trade & Other payables 109 Withholding tax 41 200,000 20% debentures (see note) 600 Stated Capital: 4,000,000 equity shares of no par value 2,100 Shares deals 200 Capital surplus 400 Income surplus 1,650 Total Liabilities & Equity 5,100
As at 30 November, 2020 the all the 200,000 20% redeemable debentures were due for redemption at GH3.95 each even though there were originally issued at GH3.00 each. The directors decided to redeem in that sufficient funds have been made for. All interest up to the redemption date, being 12-month period was paid. Redemption expenses amounted to GH30,000. All interests on the debentures prior to redemption have been paid.
Required: a). Write up the ledger accounts necessary to record the above transactions. b). The statement of financial position on completion of the above transactions.
pls show working for every entires to my understanding
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