Question

Share Capital:
10,00,000
Atlempt All questions. All questions carry equal marks.
0.1(a) The following is the summarized Balance Sheet of Artex Limited on
od March, 2017 :
EQUITY AND LIABILITIES
100,000 Equity Shares of 10 each fully paid
2000 10% Redeemable Preference Shares
of 100 each fully called-up
Calls-in-Arrears @ 3 20 each
Reserves and Surplus:
Securities Premium
Profit and Loss Account
General Reserve
Current Liabilities:
Creditors
2,00,000
(2,000)
Less:
1,98,000
40,000
1,20,000
1,40,000
3,02,000
18,00,000
TOTAL
ASSETS
Fixed Assets
16,20,000
Cash and Cash Equivalents
1,80,000
TOTAL
18,00,000
The Redeemable Preference Shares were redeemed as per the following plan:
9,000 Equity Shares were issued at a premium of 10%.
(1) Expenses for fresh issue of shares 10,000.
(it) of the 100 preference shares on which call money was due, holders of 80
shares paid the call money before the date of redemption. The balance 20
shares were forfeited. The forfeited shares were re-issued as fully paid
for 1,000 before redemption.
(iv) Preference shares were redeemed at a premium of 10% and Securities
Premium Account was utilized in full for this purpose.
Prepare journal to show above transactions,
​

Answer 1

Answer:

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