3. S Ltd. purchased a building for Rs.4,05,000 from D Ltd. The vendor agreed to be paid Equity
Share of Rs. 10 each: Pass journal entry assuming that the shares were issued: (3)
(a) at Par
b) at 50% premium
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XYZ Ltd is a limited company registered under the Indian Companies Act 2013. Since the company has been incurring losses over the past few years and the future for the company also appears bleak, the shareholders have resolved to wind up the company. As on the relevant date for settlement of dues on account of winding up, the following information is available: Realizable value of its assets (net of current liabilities): INR 50 million Long term debt: INR 55 million Fully paid preference capital: : INR 50 million The amount that would be allocated to the long term lenders against their lending of INR 55 million on settlement of liquidation dues and distribution of resources would be (in million INR):
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