Question

BUYBACK OF SHARES AND OTHER SECURITE
(ii) to utilise general reserve for buyback of shares ;
(ii) to utilise securities premium for premium payable on buyback of shares.
Pass necessary Journal Entries and draw up the Balance Sheet after the ab
transactions have been given effect to.
[B/S Total 2,20,80,000]
Siddhant Limited had issued capital of 1,00,00,000 of 10 equity shares. The balance
Securities Premium Account was * 1,00,000 and general reserves ? 15,00,000. The com
decided to buyback 20% of its share capital direct from its shareholders at 8 per share
company had issued 5,00,000, 10% preference shares two months back for the purpo
buyback. Record the transactions relating to buyback in the books of the compar
accordance wit the provisions of the Companies Act, 2013.
[Transfer to Capital Redemption Reserve A/c 15,00,000]
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Answer 1

Answer:

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