Question no 33 Chapter 2 - UNIMAX Class 12 Part 2 - 2021

Question No  33 Chapter 2 - UNIMAX  Class 12 Part 2 - 2021

Ricky Ltd. took over assets of ₹ 8,00,000 and liabilities of ₹ 1,00,000 of Vicky Ltd. at an agreed value ₹ 7,20,000. Ricky issued 10% debenture of ₹ 100 each at a discount of 10% to Vicky Ltd. in fully satisfaction of the price.
Pass the necessary journal entries to record the above transaction in the books of Ricky Ltd.

The solution of Question 33 Chapter 2 of +2 Part-2: -

Journal
Books of Ricky Ltd.

Date	Particulars		L.F.	Debit	Credit
	Sundry Assets A/c	Dr.		8,00,000
	Goodwill A/c	Dr.		20,000
	To Sundry Liabilities A/c				1,00,000
	To Vicky A/c				7,20,000
	(Being assets and liabilities took over of Vicky ltd.)
	Vicky Ltd A/c	Dr.		7,20,000
	Discount on issue of debenture A/c	Dr.		80,000
	To Debentures A/c				8,00,000
	(Being 8,000i.e. ₹ 7,20,000, ₹ 90, 10% debentures of ₹ 100 each issued at ₹ 90 each in full satisfaction)
	Statement of profit & loss A/c	Dr.		80,000
	To Discount on issue of debenture A/c				80,000
	(Being discount on issue of debenture written off)

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Usha Publication - Accountancy PSEB (Class 12) - Volume I - Solution

• Chapter No. 1 – Accounting Not for Profit Organisations
• Chapter No. 2 – Partnership Accounts – I (Introduction)
• Chapter No. 3 – Partnership Accounts – II (Goodwill: Nature and Valuation)
• Chapter No. 4 – Partnership Accounts – III (Reconstitution of Partnership)
• Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)
• Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)
• Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
• Chapter No. 8 – Company Accounts (Share Capital)
• Chapter No. 9 – Company Accounts (Issue of Debentures)
• Chapter No. 10 – Company Accounts (Redemption of Debentures)

Usha Publication - Accountancy PSEB (Class 12) - Volume II - Solution

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

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