Question 33 Chapter 8 of +2-A - T.S. Grewal 12 Class

Question 33 Chapter 8 of +2-A

33. Sona ltd. Purchased machinery costing Rs 17,00,000. from mona ltd. Sona ltd paid 20% of the amount by cheque and for the balance amount issued equity shares of Rs 100 each at a premium of 25%
Pass necessary journal entries for the above transaction in the books of SONA Ltd for the above transactions. Show your working notes clearly.

The solution of Question 33 Chapter 8 of +2-A: - 

Date	Particulars		L.F.	Debit	Credit
	Plant and Machinery A/c	Dr.		17,00,000
	To Mona ltd. A/c				17,00,000
	(Being asset purchased from Ayer limited )
	Mona ltd. A/c	Dr.		17,00,000
	To Equity share capital A/c				10,88,000
	To Security premium reserve A/c				2,72,000
	To Bank A/c				3,40,000
	(Being Equity shares issued at par with security premium reserve )

(working note )

Calculation of shares issued
(Issued at a premium of 20% )=

Rs 13,60,000

Rs 125

= 10,880 shares

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Also, Check out the solved question of previous Chapters: -

T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)

• Chapter No. 1 - Financial Statement of Not-For-Profit Organisations
• Chapter No. 2 - Accounting for Partnership Firms - Fundamentals
• Chapter No. 3 - Goodwill: Nature and Valuation
• Chapter No. 4 - Change in Profit-Sharing Ratio Among the Existing Partners
• Chapter No. 5 - Admission of a Partner
• Chapter No. 6 - Retirement/Death of a Partner
• Chapter No. 7 - Dissolution of a Partnership Firm

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

• Chapter No. 8 - Company Accounts -  Accounting for Share Capital
• Chapter No. 9 - Company Accounts - Issue of Debentures
• Chapter No. 10 - Redemption of Debentures

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

• Chapter No. 1 - Financial Statements of a Company
• Chapter No. 2 - Financial Statement Analysis 
• Chapter No. 3 - Tools of Financial Statement Analysis - Comparative Statements and Common- Size Statements
• Chapter No. 4 - Accounting Ratios
• Chapter No. 5 - Cash Flow Statement

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