Question

10. The following is the Balance Sheet of Aakash Ltd. :
Particulars
I. EQUITY AND LIABILITIES
Shareholders' funds:
Share Capital :
20,000, 5% pref. shares of 10 each, fully paid
2,000 equity shares of 100 each, fully paid
Reserves and surplus :
General reserve
Statement of P&L
Current liabilities :
Trade payables
2,00,000
2,00,000
8,000
2,000
Total
30,000
4.40.000
1,90,000
II. ASSETS
Non-current assets :
Fixed assets :
Tangible assets :
Plant & Machinery
Intangible assets :
Goodwill
Current Assets :
Inventories
Trade receivables
Cash and cash equivalents
50,000
50,000
60,000
90,000
4,40,000
The following resolutions for internal reconstruction were passed and the planning was duly approved
by the Court :
(a) 5% pref. shares of 10 each to be reduced to 6% pref. shares of 6 each fully paid up.
(b) Equity shares of * 100 each to be reduced to 50 each fully paid up.
(c) Creditors to give up their claim for 4,000.
(d) Goodwill and Profit & Loss A/c to be written off completely and plant & machinery to be written
off by 38,000.
Give the necessary journal entries and Capital Reduction A/c and prepare the Balance Sheet after
the implementation of the reconstruction scheme.
Ans. Capital Reserve 1,06,000; B/S Total 3,52,000.​

Answer 1

Answer:

capital reserve 1,06,000; B/S Total 3,52,000

Explanation:

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