Balance SheetLiabilitiesRs.AssetsRs.Subscribed Capital :Goodwill1,00,0002000 Pref shares ofLand & Building1,10,000Rs. 100 each2,00,000 Plant & Machinery90,0003,000 Equity shares ofStock80,000Rs. 100 each3,00,000 Debtors90,000Sundry Creditors1,00,000 Саsh10,000Profit & Loss A/C1,20,0006,00,0006,00,000Pass Journal entries. Prepare the Balance Sheet of the company. The following scheme of reconstruction is required for B Ltd. :Write off one half of the subscribed capital by reducing eachRs. 100 shares both preference and equity share to Rs. 50 pershare.By Wiping a goodwill and the debit balance of the profit and lossalc and by writing down Land and Buildings by Rs. 15,000, plantand machinery by Rs. 10,000 and reserving the balance per BadDebts.

The financial statement being prepared at the year-end to disclose the final balances of permanent…

Answered: Pass Journal entries. Prepare the…

Business

Accounting

Pass Journal entries. Prepare the Balance Sheet of the company.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Balance Sheet
Liabilities
Rs.
Assets
Rs.
Subscribed Capital :
Goodwill
1,00,000
2000 Pref shares of
Land & Building
1,10,000
Rs. 100 each
2,00,000 Plant & Machinery
90,000
3,000 Equity shares of
Stock
80,000
Rs. 100 each
3,00,000 Debtors
90,000
Sundry Creditors
1,00,000 Саsh
10,000
Profit & Loss A/C
1,20,000
6,00,000
6,00,000
Pass Journal entries. Prepare the Balance Sheet of the company.

The following scheme of reconstruction is required for B Ltd. :
Write off one half of the subscribed capital by reducing each
Rs. 100 shares both preference and equity share to Rs. 50 per
share.
By Wiping a goodwill and the debit balance of the profit and loss
alc and by writing down Land and Buildings by Rs. 15,000, plant
and machinery by Rs. 10,000 and reserving the balance per Bad
Debts.

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