Krishan Ltd. has an authorized capital of Rs.5,00,000 comprising 1,00,000 9% redeemable cumulative preference shares of Rs.1 each and 4,00,000 ordinary shares of Rs.1 each.

Krishan Ltd. has an authorized capital of Rs.5,00,000 comprising 1,00,000 9% redeemable cumulative preference shares of Rs.1 each and 4,00,000 ordinary shares of Rs.1 each. The preference shares are redeemable on 1 April 2011 at Rs.1.05 per share. The summarized balance sheet of the company as on 31 December 2010 was as follows:

Liabilities

Assets

Share Capital:

Sundry assets

3,93,400

Issued and Fully

Investments

28,000

Paid Up

Bank Balance

56,000

Preference

1,00,000

Shares

Ordinary shares

2,00,000

Capital Reserve

19,000

General Reserve

40,000

Profit & Loss A/c

85,000

Sundry

Creditors

33,400

4,77,400

4,77400

The necessary resolutions were duly passed and the following transactions carried through on the dates stated:

All the investments were sold for Rs.36,000 ,40,000 ordinary shares of Rs.1 each were issued to the existing shareholders at Rs.1.25 per share payable in full forthwith and duly paid
On 1 April 2011, in order to provide cash towards the redemption of preference shares, the above two took place. On 30 June 2011, the preference shares were duly redeemed and on 31 August 2011, a bonus issue of ordinary shares was made at the rate of one new share for every ten shares held. You are required to pass necessary journal entries and prepare balance sheet.

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