Here I have solved Illustration 3 of the ICAI Study Material and this problem focuses on preparation of Balance Sheet after buy back.

This is an interesting problem because here the company has already issued preference shares and sold off investment at loss to arrange the funds for buy back.

⏱TIMESTAMPS
00:00 - Intro
00:12 - Question
04:31 - Solution - Working Notes
11:56 - Journal Entries
17:39 - Balance Sheet

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