Icwai accountancy question dec 2011 - doubt

krishnansr (accountant) (40 Points)

16 December 2011  
Last Saturday was ICWI Accountancy Examination - Inter. I reproduce a question 5 (a) - reqeust friends to give me help me by giving correct answers with reference to concerned company law provision:

The following balances are appearing in the Books of All Xerox Limited on 1-4-2011. Redeemable Pref. Share Cap @ Rs.10 each 2,00,000, Calls in arrear 2,000 Gel Res Rs.1,00,000 Share premimum Rs.5,000

The pref shares are fully called up & due for redemption at a premium of 10%. Calls in arrear are in respect of final call at the rate of RS.4 per share and these shares are hebd my Mr. Rahum whose whereabouts are not known.

The BoD decided to use 50% of Gel. Res for redemption of RPSC and to meet furthe requirement of funds, further 14,500 nos Equity Shares @ Rs.10 each issued at a premium of 20$.

The redumtion of PSC carried out & subsequently the co used the balance of CRR (Cap Red reserve) to issue equity shares of Rs.10 each as bonus shares to share holders.

Please prepare necessary JV's in the books of the Co.