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you are required to pass journal entries in the books of x ltd and prepare the balan 616998

The following is the summarized balance sheet of X Ltd. as on 31 March 2011:

Liabilities

Assets

Equity Share

15,00,000

Sundry Assets

21,00,000

Capital

6,00,000

Bank

7,50,000

Redeemable Pref.

4,50,000

Share Capital

3,00,000

Profit & Loss A/c

Sundry Creditors

28,50,000

28,50,000

On that date, the preference shares had to be redeemed. For this purpose 30,000 equity shares of Rs.10 each were issued as Rs.11. The company also issued 9% debentures totaling Rs.4,50,000. The shares and debentures were immediately subscribed and paid for. The preference shares were duly redeemed. You are required to pass journal entries in the books of X Ltd. and prepare the balance sheet after redemption.

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