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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
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Question 21 Chapter 9 of +2-A
20. Romi Ltd. acquired assets of ₹ 20 lakhs and took over creditors of ₹ 2 lakhs from Kapil Enterprises. Romi Ltd. issued 8% Debentures of ₹ 100 each at a discount of 25% as purchase consideration. Record necessary journal entries in the books of Romi Ltd.
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| Assets A/c | Dr | 20,00,000 | |||
| To Creditors A/c | 2,00,000 | ||||
| To Kapil Enterprises A/c | 18,00,000 | ||||
| (Being assets purchased and creditors took over from Kapil ltd. ) | |||||
| Kapil Enterprises Ltd A/c | Dr | 18,00,000 | |||
| Discount on issue of debentures A/c | Dr | 2,00,000 | |||
| To Securities premium A/c | 20,00,000 | ||||
| (Being Debenture issued at securities premium) | |||||
Working Note
| No of Debenture to be issued | = | Purchase consideration | = | 18,00,000 | = | 20,000 debentures |
| Issue price | 90 |
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Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
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