Model: Untraceable shareholders The following is the summarized balance sheet of Jaya Ltd. as on 31 March 2011:
|
Liabilities |
Assets |
||
|
Share Capital: Authorized: |
Fixed Assets |
4,00,000 |
|
|
1,0006% Redeemable Preference Shares of 100 Each Fully Paid |
1,00,000 |
Current Assets |
2,50,000 |
|
50,000 Equity Shares of Z10 Each Fully |
5,00,000 |
||
|
Paid up |
|||
|
Issued & Subscribed: |
|||
|
900 6% Redeemable Preference Shares of 100 Each Fully Paid |
90,000 |
||
|
40,000 Equity Shares of 10 Each Fully |
4,00,000 |
||
|
Paid up |
|||
|
Securities Premium A/c |
10,000 |
||
|
Profit & Loss A/c |
1,00,000 |
||
|
Creditors |
50,000 |
||
|
6,50,000 |
6,50,000 |
The preference shares were redeemed on 7 April 2011 at a premium of 10%. A bonus issue of one equity share for every five shares held was made on the same date. No trace could be found of the holders of 25 preference shares. You are required to give the necessary journal entries and construct the resultant balance sheet in a summarized form.