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Question 27 Chapter 9 of +2-A
27. Sangam Woollens Ltd.', Ludhiana, are the manufacturers and exporters of woollen garments. The company decided to distribute free of cost woollen garments to10 villages of Lahaul and Spiti District of Himachal Pradesh. The company also decided to employ 50 young persons from these villages in its newly established factory. The company issued 40,000 Equity Shares of Rs 10 each and 1,000, 9% Debentures of Rs 100 each to the vendor for the purchase of machinery of Rs 5,00,000.
Pass necessary Journal entries..
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| Machinery A/c | Dr | 5,00,000 | |||
| To Vendor A/c | 5,00,000 | ||||
| (Being machinery purchased from a vendor . ) | |||||
| Vendor. A/c | Dr | 5,00,000 | |||
| To Equity Shares capital A/c | 5,00,000 | ||||
| To 9%Debentures A/c | 1,00,000 | ||||
| (Being Equity Shares and debenture issued ) | |||||
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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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