Question

X Ltd. Whose issued share capital on 31 March 2013 consisted of 24,000,10% Preference
shares of Rs.100 each fully paid up and 60,000 Equity share of Rs.100 each, Rs. 90 paid
up, decided to redeem preference shares at a premium of Rs.10 per share .The company’s
balance sheet as on 31-3-2013 showed a general reserve of Rs.28,00,000.The redemption
was effected partly out of the proceeds of a new issue of 12,000 equity shares of Rs.100
each at a premium of Rs.35 per share .The premium payable on the redemption was met
out of the premium received on the new issue .
On 1 July 2013, the company at its general meeting resolved that the reserves be applied
in the following manner:

Answer 1

Answer:

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