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Question no 20 Chapter 2- Class 12 Part 2 Unimax
X Ltd. took over the assets of Y Ltd. ₹ 2,00,000. It also agreed to takeover the liabilities of Y Ltd. amounting to ₹ 50,000 for a purchase consideration of ₹ 1,30,000. The payment of Y Ltd. was made by issue of 12% debenture of ₹ 100 each. Pass necessary journal entries in the books of X Ltd.
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| Sundry Assets A/c | Dr. | 2,00,000 | |||
| To Y Ltd. A/c | 1,30,000 | ||||
| To Sundry liabilities A/c | 50,000 | ||||
| To Capital reserve A/c | 20,000 | ||||
| (Being assets and liabilities purchases from Y Ltd.) | |||||
| Y Ltd. A/c | Dr. | 1,30,000 | |||
| To Debenture A/c | 1,30,000 | ||||
| (Being 1300 debenture of ₹ 100 each) | |||||
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.
This guide covers "Question no 20 Chapter 2- Class 12 Part 2 Unimax", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to Unimax Accountancy Class 12 Part 2 - 2023.
It is primarily curated for Class 11 and Class 12 high school commerce, accounting, and economics students, as well as aspirants preparing for board exams or CA Foundation.
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