Prepare new balance sheet as on 31-december 2021

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Reference no: EM133326693

Question: Sunshine company limited was newly formed with an authorized capital of Rs 500000 into 50000 equity share of Rs 10 each.the company issued 25000 equity share of a premium Rs1 share.application for 30000 share were reduced. no allotment was made to applicants for 5000 share and their application money were refunded.all the allotes paids the money due.

Required to pass the necessary journal entries and prepare new balance sheet as on 31-december 2021.

Reference no: EM133326693

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