Amount transferred to capital redemption reserve account

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Reference no: EM13130304

The ledger accounts of M Ltd. show the following balances:

Rs. 14% Preference share Capital 3,00,000
Securities Premium 20,000
Investment Allowance Reserve 50,000
General Reserve 80,000
Profit and Loss Account 38,600

The company redeems preference shares at a premium of 10% by issue of equity shares of Rs. 10 each at a premium of 20%. Fresh issue of shares is made in multiples of 100 shares for such amount as is necessary after utilizing the available sources to the maximum extent.

Calculate the number of fresh shares issued and the amount transferred to capital redemption reserve account.

Reference no: EM13130304

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