Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 25 Sep 2017 My Price 7.00

Chandan Limited

The balance sheet of Chandan Limited as on 31 December 1998 was as follows:-
Liabilities Amount Assets Amount
Share capital Fixed assets
10000, 6%
redeemable
preference shares of
Rs. 10 each fully
paid
100000 Land & building 150000
50000 equity shares
of Rs. 10 each fully
paid
500000 Plant & machinery 200000
General reserve 90000 Current assets
Profit & loss A/c 230000 Stock 250000
8% debentures 50000 Debtors 180000
Sundry creditors 70000 Cash and bank 260000
1040000 1040000
The directors of the company decided to:-
a. Redeem preference shares at a premium of 5%
b. Redeem debentures at a premium of 10%;
c. Bring out a bonus issue for the equity shareholders of one Rs. 10 equity share held in order to
capitalize a part of the undistributed profit.
Show:-
The appropriate journal entries to record the transactions in the books of the company;
The balance sheet as it would appear after the completion of the transactions

Answers

Maurice Tutor
(5)
Status NEW Posted 25 Sep 2017 07:09 PM My Price 7.00

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