Question

11. Extract of Balance Sheet :
ACE
Liabilities:
Equity Share Capital (10)
2,400
Securities Premium
350
General Reserve
930
Profit & Loss Account
*340
Buy-back price 15 per share. Buy-back claim is
a) 900
b) 3600
c). *4,750​

Answer 1

• On 1.1.20 X Ltd. purchased fixed assets worth 2,50,000 for a consideration of * 2,30,000 payable by the
• issue of 20,000 fully paid equity shares of 10 each at a premium of 15%. After 6 months X Ltd. sold the
• above fixed assets for * 3,20,000.

Answer 2

Answer:

a)900

Explanation:

1.Equity Share Capital =2400/100x15=360

2.Equity Share Capital+Security Premium+Profit &l oss

360+350+340=1050

3.10x15 = 150

4.1050 - 150 = 900