iii) Balance Sheet of the company thereafter
Following is the summanised Balance Sheet of Uttam Lid As on 31/3/2019
The company decided to redeem its Preference Shares at a Rremium of \( 75 \% \) on 1 Apri, 2019. In order to lacilitate the redemption of Preference Shares it was decided
1. To finance part of the redemption from the company's fund subject to leaving a balance in Profit and Loss of \( 10,000 / \)
2. To issue sufficient number of ordinary shares at par in order to raise the balance funds required for the purpose of redemption
The issue of ortdinary shares was fully subscribed
You are required to
a) Pass necessary Joumai entries in the books of Uitam Ltd To record the above iransactions:
b) Prepare Balance Sheet of Utfam Lta After the redemption is camed out in the revised Schedule III format
