accountancy

2. The ledger accounts of M Ltd. show the following balances: Rs.
14% Preference share Capital 3,00,000
Securities Premium 20,000
Investment Allowance Reserve 50,000
General Reserve 80,000
Profit and Loss Account 38,600
The company redeems preference shares at a premium of 10% by issue of equity shares of Rs. 10 each at a premium of 20%. Fresh issue of shares is made in multiples of 100 shares for such amount as is necessary after utilizing the available sources to the maximum extent.
Calculate the number of fresh shares issued and the amount transferred to capital redemption reserve account.

  1. 👍 0
  2. 👎 0
  3. 👁 64
asked by manoj
  1. Your questions aren't posting because you're trying to copy and paste. Please type in your specific questions (not just your assignment, please).

  2. The ledger accounts of M Ltd. show the following balances: Rs.
    14% Preference share Capital 3,00,000
    Securities Premium 20,000
    Investment Allowance Reserve 50,000
    General Reserve 80,000
    Profit and Loss Account 38,600
    The company redeems preference shares at a premium of 10% by issue of equity shares of Rs. 10 each at a premium of 20%. Fresh issue of shares is made in multiples of 100 shares for such amount as is necessary after utilizing the available sources to the maximum extent.
    Calculate the number of fresh shares issued and the amount transferred to capital redemption reserve account

    1. 👍 0
    2. 👎 0
    posted by avi

Respond to this Question

First Name

Your Response

Similar Questions

  1. Accounting 1

    what is the name of a comparison of the general ledge accounts with debit balances to the general ledger accounts with credits blances to make sure they equal the same?

    asked by wanda on May 9, 2011
  2. Trial Balance

    Given the following balances, the total debits in the trial balance would equal: Equipment $ 37,000 Accounts Payable 2,000 Sales 49,000 Accumulated Depreciation 4,000 Accounts Receivable 7,000 Retained Earnings 16,000 Salary

    asked by Jade on March 18, 2019
  3. ACC291

    The following stockholders' equity accounts arranged alphabetically are in the ledger of McGrath Corporation at December 31, 2011. Common Stock ($10 stated value) $1,500,000 Paid-in Capital from Treasury Stock 6,000 Paid-in

    asked by Beth on February 27, 2012
  4. Accounting

    Needs the entries for the following scenarios: Capital accounts as follows : Mason ; 90,000 Jiri; 30,000 James; 60,000 a) Frank pays mason 25,000 for 20% of masons interest in the company b) Frank invests 60,000 cash in the

    asked by dustin on March 31, 2014
  5. fsu

    The individual amounts in the Accounts Receivable Debit column of a sales journal should be posted to the accounts receivable subsidiary ledger, and the column total should be posted to the Accounts Receivable account in the

    asked by rozzell on November 20, 2011
  6. Capital Investment and Financing Decisions.

    1)Find the present value of Rs. 2,000 due in 6 years if money is worth compounded semi-annually. (b) Ascertain the present value of an amount of Rs. 8,000 deposited now in a commercial bank for a period of 6 years at 12% rate of

    asked by Majid on April 10, 2011
  7. acc/291

    The following stockholders’ equity accounts arranged alphabetically are in the ledger of McGrath Corporation at December 31, 2011. Common Stock ($10 stated value) $1,500,000 Paid-in Capital from Treasury Stock 6,000 Paid-in

    asked by at on June 11, 2012
  8. accounting

    Wilson Reed, the bookkeeper for Home Interior Improvements and Designs Company, has just finished posting the closing entries for the year to the ledger. He is concerned about the following balances: Capital account balance in the

    asked by Colleen on February 23, 2012
  9. business

    o What are the advantages of the four different special journals? When would you use each type? o What is a subsidiary ledger and what purpose does it serve? o What is a control account and what purpose does it serve? o Which two

    asked by brit on April 16, 2010
  10. accounting

    An account in a general ledger that summarizes all accounts in a subsidiary ledger is what?

    asked by Danielle on December 7, 2007

More Similar Questions