The balance sheet of “YE” Ltd. on 31 March 2011 was as follows:
|
Liabilities |
Assets |
||
|
Share Capital: |
Sundry Assets |
39,20,000 |
|
|
8,0006% |
8,00,000 |
Cash At Banks |
16,80,00 |
|
Redeemable pref. Shares of |
|||
|
Rs. 100 Each Fully |
|||
|
Paid |
|||
|
3,20,000 Equity |
32,00,000 |
||
|
Shares of Rs. 10 |
|||
|
Each Fully Paid |
|||
|
Profit & Loss A/c |
10,40,000 |
||
|
Sundry Creditors |
5,60,000 |
||
|
56,00,000 |
56,00,00 |
On that date, the preference shares were redeemed at a premium of 10%. You are required to pass journal entries and give the amended balance sheet.