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  3. q. no. 3. 1 january year 1 aji panca ltd has the f

Q. No. 3. 1 January Year 1 Aji Panca Ltd has the following capital and...

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Q. No. 3. 1 January Year 1 Aji Panca Ltd has the following capital and reserves. (15 Marks) Equity Rs. Share capital (Rs. 1 ordinary shares) 1,000,000 Share premium 200,000 Retained earnings 5,670,300 6,870,300 During Year 1 the following transactions took place. January An issue of Rs. 100,000 8% Rs. 1 redeemable preference shares at a premium of 60%. Issue costs are Rs. 2,237. Redemption is at 100% premium on 31 December Year 5. The effective rate of interest is 9.5%. 31 March An issue of 300,000 ordinary shares at a price of Rs. 1.30 per share. Issue costs, net of tax benefit, were Rs. 20,000 30 June A 1 for 4 bonus issue of ordinary shares. Profit for the year, before accounting for the above, was Rs. 508,500. The dividends on the redeemable preference shares have been charged to retained earnings. Required Set out capital and reserves and liabilities resulting from the above on 31 December year 1

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