Question

DULU
.
Q. 3. X Ltd. whose issued share capital on 31st March, 2018 consisted of 24,000, 10% preference
shares of 100 each fully paid-up and 60,000 equity shares of 100 each, 390 paid up, decided to
redeem preference shares at a premium of 10
per share. The company's balance sheet as at 31-3-2018
showed a general reserve of 28,00,000. The redemption was effected partly out of general reserve and
partly out of the proceeds of a new issue of 12,000 equity shares of 100 each at a premium of 335 per
share. The premium payable on redemption was met out of the premium received on the new issue.
On 1st July, 2018, the company at its general meeting resolved that the reserves be applied in the
following manner :
(i) The declaration of bonus at the rate of 10 per share on equity shares for the purpose of
making the said equity shares fully paid; and
(ii) The issue of bonus shares to old equity shareholders in the ratio of one share for every five
shares held by them.
You are required to pass necessary journal entries.
(B. Com. Hons. D.U.)​

Answer 1

Answer:

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Explanation:

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