Reconstruction of companies solved problem

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Dr Mamta's Educational Plex Dr Mamata Rathi

Reconstruction of Companies problem with answer is discussed in this PPt. #ReconstructionofComapnies #Dr MamataRathi #InternalReconstruction #Externalreconstruction #ReconstructionNotes #ReconstructionBcomSY #Accounting #Corporate Accounting

RECONSTRUCTION OF COMPANIES:
SOLVED PROBLEM : 6
ADVANCED PROBLEM

PROBLEM : 6
Balance Sheet
Liabilities Amount Assets Amount
Share Capital : Mumbai Works 20,00,000
4,00,000 O.S. of Rs. 5 each,
fully paid
20,00,000 Kolkata Works 10,00,000
3,00,000 6% P.S. of Rs. 5
each, fully paid 15,00,000
Workmen’s Compensation
fund Investments
35,000
‘A’ 6% debentures secured
on Mumbai Works 1,00,000 Stock 1,15,000
‘B’ 6% debentures secured
on Kolkata Works
2,50,000 Debtors 50,000
Workmen’s Compensation
Fund :
Mumbai. 25,000
Kolkata. 10,000
35,000
Discount on Debentures :
A' 2,500
Bank Overdraft 7,50,000 B' 10,000
Creditors 2,00,000 Profit and Loss Account 16,22,500
48,35,000 48,35,000
The following is the balance Sheet of Rathi Co. as on 31st dec, 2020 :

The following scheme of reconstruction was adopted :
1. The Ordinary shares were to be reduced to 25 paise each.
2. The Preference Shares were to be reduced to Rs. 3.75 each and the rate of
dividend on them to 5% .
3. The ‘A’ and ‘B’ Debenture holders waived payment of interest of RS. 42000
which was included in creditors.
4. The directors were to refund Rs. 50,000 fees they have received.
The ‘B’ debenture holders formed a new company to take over the Kolkata
Works for Rs. 5,00,000 and this price was satisfied , on the same date, by the
surrender of the ‘B’ Debentures and the allotment of 50,000 fully-paid shares
of Rs. 5 each in the new company.
The Investments were valued at Rs. 25,000, Stock at Rs. 50,000 and Debtors
at Rs. 40,000. There was no actual liability to workmen in Kolkata. Fictitious
assets were to be eliminated; only necessary reserves were to be retained and
the balance available was to be used to write down the book value of Mumbai
Works.
Give Journal Entries and draw up the new Balance sheet.

JOURNAL ENTRIES IN THE BOOKS OF RATHI COMPANY
Date Particulats
L.
F.
Debit
Amount
Credit
Amount
31/12
/202
0
Old Equity Share Capital A/c Dr
To New Equity Share Capital A/c
To Capital reduction A/c
(Being issue of new equity shares in exchange for
old)
20,00,000
1,00,000
19,00,000
31/12
/202
0
Old 6% P.S. Capital A/c Dr
To New 5% P.S. Capital A/c
To Capital reduction A/c
(Being issue of new preference shares in exchange
for old)
15,00,000
11,25,000
3,75,000
31/12
/202
0
Sundry Creditors A/c. Dr
To Capital Reduction A/c
(Being interest due waived)
42,000
42,000
31/12
/202
0
Cash A/c. Dr
To Capital Reduction A/c
(Being refund of fees by directors)
50,000
50,000

JOURNAL ENTRIES IN THE BOOKS OF RATHI COMPANY
Date Particulats L.
F.
Debit
Amount
Credit
Amount
31/12
/2020
Workmen’s Compensation Fund A/c (Kolkata)Dr
To Capital Reduction A/c
(Being elimination of fund not required)
10,000
10,000
31/12
/2020
Capital Reduction A/c Dr
To Kolkata Works A/c (Loss on Sale)
To W.C.F. Investment A/c
To Reserve for Bad Debts A/c
To Stock A/c
To Disc. on debentures A/c ‘A’
To Disc. on debentures A/c ‘B’
To Profit and Loss A/c
To Mumbai Works A/c (Balancing Figure)
(Being utilisation of capital reduction A/c)
23,77,000
5,00,000
10,000
10,000
65,000
2,500
10,000
16,22,500
1,57,000
31/12
/2020
B’ Debenture Holders A/c Dr
To Kolkata Works A/c
(Being sale of Kolkata Works)
5,00,000
5,00,000
31/12
/2020
‘B’ Debentures A/c Dr
Shares of the new Co. A/c Dr
To ‘B’ Debenture holders A/c
(Being the price received in the form of
debentures and shares)
2,50,000
2,50,000
5,00,000

NEW BALANCE SHEET
AS ON 31ST DEC, 2020
Balance Sheet
Liabilities Amount Assets Amount
Share Capital : Mumbai Works 18,43,000
4,00,000 O.S. of 25 paise
each, fully paid
1,00,000
Workmen’s Compensation
fund Investments
25,000
3,00,000 5% P.S. of Rs. 3.75
each, fully paid
11,25,000 Shares of New Co. 2,50,000
‘A’ 6% debentures 1,00,000 Stock 50,000
Workmen’s Compensation
Fund : Mumbai
25,000 Debtors 40,000
Bank Overdraft 7,50,000 Cash 50,000
Creditors 1,58,000
22,58,000 22,58,000

- The company was undergoing financial difficulties and reconstruction was needed. - Under the reconstruction plan, equity shares were reduced to Rs. 5 per share and preference shares to Rs. 80 per share. New shares were issued in exchange for old shares. - Equity shares were also issued at Rs. 5 per share to pay off 50% of accumulated preference share dividends in arrears. - Other aspects of the plan included writing down the freehold property value and eliminating intangible assets and share premium from the balance sheet. - Journal entries were made to record the changes and a new balance sheet was presented.

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Reconstruction of companies solved problem

1. RECONSTRUCTION OF COMPANIES: SOLVED PROBLEM : 6 ADVANCED PROBLEM

2. PROBLEM : 6 Balance Sheet Liabilities Amount Assets Amount Share Capital : Mumbai Works 20,00,000 4,00,000 O.S. of Rs. 5 each, fully paid 20,00,000 Kolkata Works 10,00,000 3,00,000 6% P.S. of Rs. 5 each, fully paid 15,00,000 Workmen’s Compensation fund Investments 35,000 ‘A’ 6% debentures secured on Mumbai Works 1,00,000 Stock 1,15,000 ‘B’ 6% debentures secured on Kolkata Works 2,50,000 Debtors 50,000 Workmen’s Compensation Fund : Mumbai. 25,000 Kolkata. 10,000 35,000 Discount on Debentures : A' 2,500 Bank Overdraft 7,50,000 B' 10,000 Creditors 2,00,000 Profit and Loss Account 16,22,500 48,35,000 48,35,000 The following is the balance Sheet of Rathi Co. as on 31st dec, 2020 :

3. The following scheme of reconstruction was adopted : 1. The Ordinary shares were to be reduced to 25 paise each. 2. The Preference Shares were to be reduced to Rs. 3.75 each and the rate of dividend on them to 5% . 3. The ‘A’ and ‘B’ Debenture holders waived payment of interest of RS. 42000 which was included in creditors. 4. The directors were to refund Rs. 50,000 fees they have received. The ‘B’ debenture holders formed a new company to take over the Kolkata Works for Rs. 5,00,000 and this price was satisfied , on the same date, by the surrender of the ‘B’ Debentures and the allotment of 50,000 fully-paid shares of Rs. 5 each in the new company. The Investments were valued at Rs. 25,000, Stock at Rs. 50,000 and Debtors at Rs. 40,000. There was no actual liability to workmen in Kolkata. Fictitious assets were to be eliminated; only necessary reserves were to be retained and the balance available was to be used to write down the book value of Mumbai Works. Give Journal Entries and draw up the new Balance sheet.

4. JOURNAL ENTRIES IN THE BOOKS OF RATHI COMPANY Date Particulats L. F. Debit Amount Credit Amount 31/12 /202 0 Old Equity Share Capital A/c Dr To New Equity Share Capital A/c To Capital reduction A/c (Being issue of new equity shares in exchange for old) 20,00,000 1,00,000 19,00,000 31/12 /202 0 Old 6% P.S. Capital A/c Dr To New 5% P.S. Capital A/c To Capital reduction A/c (Being issue of new preference shares in exchange for old) 15,00,000 11,25,000 3,75,000 31/12 /202 0 Sundry Creditors A/c. Dr To Capital Reduction A/c (Being interest due waived) 42,000 42,000 31/12 /202 0 Cash A/c. Dr To Capital Reduction A/c (Being refund of fees by directors) 50,000 50,000

5. JOURNAL ENTRIES IN THE BOOKS OF RATHI COMPANY Date Particulats L. F. Debit Amount Credit Amount 31/12 /2020 Workmen’s Compensation Fund A/c (Kolkata)Dr To Capital Reduction A/c (Being elimination of fund not required) 10,000 10,000 31/12 /2020 Capital Reduction A/c Dr To Kolkata Works A/c (Loss on Sale) To W.C.F. Investment A/c To Reserve for Bad Debts A/c To Stock A/c To Disc. on debentures A/c ‘A’ To Disc. on debentures A/c ‘B’ To Profit and Loss A/c To Mumbai Works A/c (Balancing Figure) (Being utilisation of capital reduction A/c) 23,77,000 5,00,000 10,000 10,000 65,000 2,500 10,000 16,22,500 1,57,000 31/12 /2020 B’ Debenture Holders A/c Dr To Kolkata Works A/c (Being sale of Kolkata Works) 5,00,000 5,00,000 31/12 /2020 ‘B’ Debentures A/c Dr Shares of the new Co. A/c Dr To ‘B’ Debenture holders A/c (Being the price received in the form of debentures and shares) 2,50,000 2,50,000 5,00,000

6. NEW BALANCE SHEET AS ON 31ST DEC, 2020 Balance Sheet Liabilities Amount Assets Amount Share Capital : Mumbai Works 18,43,000 4,00,000 O.S. of 25 paise each, fully paid 1,00,000 Workmen’s Compensation fund Investments 25,000 3,00,000 5% P.S. of Rs. 3.75 each, fully paid 11,25,000 Shares of New Co. 2,50,000 ‘A’ 6% debentures 1,00,000 Stock 50,000 Workmen’s Compensation Fund : Mumbai 25,000 Debtors 40,000 Bank Overdraft 7,50,000 Cash 50,000 Creditors 1,58,000 22,58,000 22,58,000

7. THANK YOU

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