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Rafeeq ltd was incorporated in 2018 with 100,000 10 Rs shares in issue. Its financial...

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Accounting

Rafeeq ltd was incorporated in 2018 with 100,000 10 Rs shares in issue. Its financial periods end on 31 December. At 01 January 2019; the balance on share premium account is Rs 2.000,000. On 31st March Company offered right issues of 3 for 10 and all the shares were fully taken up and paid. The issuance price was Rs 50 per share while the market price of share was Rs 60 per share at that time. In October 2019, directors of company decided to issue bonus share and there was a 1 for 5. Draft the Share capital and share premium accounts for year ended 31 December 2019. Show all calculations.

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