Question

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

Answer 1

Answer:

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