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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Question 23 Chapter 9 of +2-A
23. R Ltd. purchased the assets of S Ltd. for 5,00,000. It also agreed to take over the liabilities of S Ltd. amounted to 2,00,000 for a purchase consideration of 2,80,000. The payment of S Ltd. was made by issue of 9% Debentures of 100 each at par.
Pass necessary journal entries in the books of R Ltd.
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| Assets A/c | Dr | 5,00,000 | |||
| To Liabilities A/c | 2,00,000 | ||||
| To S Ltd. A/c | 2,80,000 | ||||
| To Mohan Bros A/c | 3,80,000 | ||||
| (Being assets and liabilities purchased from S Ltd.. ) | |||||
| S. Ltd. A/c | Dr | 2,80,000 | |||
| To 9%Debenture A/c | 2,80,000 | ||||
| (Being debenture issued ) | |||||
Working Note
| No of Debenture to be issued | = | Purchase consideration | = | 2,80,000 | = | 2,800 debentures |
| Issue price | 100 |
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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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