Kate Ltd. furnishes you with the following Balance Sheet as at 31st March, 2016. $ in crores 1. Equity and Liabilities (1) Shareholders' Funds (a) Share Capital: Authorised 100 Issued: 12% Redeemable Preference Shares oft 100 each Fully Paid 75 Equity Shares of $10 each Fully Paid 25 (b) Reserves and Surplus: Capital Reserve 15 Securities Premium Reserve 25 Revenue Reserves 260 (2) Non-current Liabilities Nil Current Liabilities 40 Total Equity and Liabilities 1440 11. Assets $ in crores (1) Non-current Assets (a) Fixed Assets at Cost 100 Less : Provision for Depreciation 100 Nil (b) Investments at Cost (Market Value $ 400 cr.) 100 (2) Current Assets 340 Total Assets 440 The company redeemed preference shares on 1st April, 2016. It also bought back 50 lakhs equi shares of $10 each at $50 per share. The payments for the above were made out of the huge bank balances, which appeared as part of current assets. You are asked to: (i) Pass Journal Entries to record the above. Prepare Balance Sheet Value of equity share on net asset basis