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Question 26 Chapter 9 of Class 12 Part – 2 – 2024
26. (Different Cases of Debentures issues for Purchase Consideration other the Cash)
X Ltd. Took over the assets of Rs. 3,00,000 and Liabilities of Rs. 10,000 of Y Ltd. For agreed purchase consideration of Rs. 2,70,000 to be satisfied by the issue of 15% Debentures of Rs. 100 each at 20% premium. Show the necessary journal entries in t Journal of X Ltd.
(b) Z. Ltd. Allotted 3,000 15% Debentures of Rs. 100 each at a discount of 10% to USA Ltd. For supplying Technical know-how. Give the necessary Journal entries.
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Journal
| Date | Particulars |
L.F. | Debit ₹ | Credit ₹ | |
|---|---|---|---|---|---|
| i | Sundry Assets A/c | Dr. | 3,00,000 | ||
| To Sundry Liabilities A/ c | 10,000 | ||||
| To Y Ltd. | 2,70,000 | ||||
| To Capital Reserve A/ c (WN) | 20,000 | ||||
| (Being the purchase of Assets & liabilities from Y Ltd. As per agreement dated) | |||||
| ii | Y Ltd. A/c | Dr. | 2,70,000 | ||
| To 15% Debenture A/c | 2,25,000 | ||||
| To Securities Premium Reserve A/c | 45,000 | ||||
| (Being the issue of 2250 debentures of Rs. 100 each at premium of 20%) | |||||
b) Z Ltd. Allotted 3,000 15% debentures of Rs. 100 each at a discount of 10% to USA Ltd. For supplying Technical know –how .give necessary journal entries
Journal
| Date | Particulars |
L.F. | Debit ₹ | Credit ₹ | |
|---|---|---|---|---|---|
| i | Technical Know-how A/c | Dr. | 2,70,000 | ||
| Discount on Debentures A/ c | 30,000 | ||||
| To 15% Debenture A/c | 3,00,000 | ||||
| (Being technical know-how purchased & payment made by issue of debentures at 10 % discount.) | |||||
Working Note :-
Capital Reserve = (Assets –Liabilities ) – Purchase Consideration
(3,00,000-10,000)-2,70,000 = ₹ 20,000
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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