Equity shares of 10 each 22,00,000 15% Preference shares of 100 each 18,00,000 40,00,000 Average Net
Profit 10,50,000 NRR 20% Net tangible assets are revalued by 2,00,000 more than the amounts at which they
are stated in the books. Super Profit of the company will be
Answers
Answer:
Rs. 1,12,000
As per section 80 of the Companies Act 1956, company can redeem preference shares only out of fresh issue or profits that are available for distribution as dividends. In case, there is premium to be paid on redemption it should be paid out of profit available for paying dividends or out of securities premium account.
Amount to be paid on redemption = 2,00,000 + 20,000 ( 10% of 2,00,000)
= 2,20,000
Amount of fresh issue = Amount to be paid on redemption - (Free reserves + securities premium reserve)
= 2,20,000 - ( 30,000 + 20,000 + 8,000 + 50,000)
= Rs-1,12,000.
Explanation:
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Answer:
Equity shares of 10 each 22,00,000 15% Preference shares of 100 each 18,00,000 40,00,000 Average Net
Profit 10,50,000 NRR 20% Net tangible assets are revalued by 2,00,000 more than the amounts at which they
are stated in the books. Super Profit of the company will be