Doubts Help

Akash (CA Final Article Assistant)   (1671 Points)

29 May 2011  

 

1.S Ltd. issued 2,000, 10% Preference shares of Rs.100 each at par, which are redeemable at a

premium of 10%. For the purpose of redemption, the company issued 1,500 Equity Shares

of Rs.100 each at a premium of 20% per share. At the time of redemption of Preference

Shares, the amount to be transferred by the company to the Capital Redemption Reserve

Account will be _________

 

2.A and B, who share profits and losses in the ratio of 3:2 has the following balances: Capital

of A Rs. 50,000; Capital of B Rs. 30,000; Reserve Fund Rs. 15,000. They admit C as a partner,

who contributes to the firm Rs. 25,000 for 1/6th share in the partnership. If C is to purchase

1/6th share in the partnership from the existing partners A and B in the ratio of 3:2 for Rs.

25,000, find closing capital of C.