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Question No 34 Chapter 1 - Unimax Class 12 Part 2 - 2021
ABC ltd. purchases a running business from XYZ ltd. for a sum of ₹ 10,00,000 payable by the issued of fully paid equity shares of ₹ 100 each at a premium of 25%. The assets and liabilities consisted of the following:
Building ₹ 5,00,000, Machinery ₹ 4,00,000, Sundry Debtors ₹ 1,00,000, Sundry Creditors ₹ 2,00,000.
Pass the necessary journal entries in the books of ABC Ltd.
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| Building A/c | Dr. | 5,00,000 | |||
| Machinery A/c | Dr. | 4,00,000 | |||
| Sundry Debtors A/c | Dr. | 1,00,000 | |||
| Goodwill A/c | Dr. | 2,00,000 | |||
| To Sundry Creditors A/c | 2,00,000 | ||||
| To XYZ Ltd. | 10,00,000 | ||||
| (Being the running business of XYZ Ltd., Purchased for ₹ 10,00,000) | |||||
| XYZ Ltd. A/c | Dr. | 10,00,000 | |||
| To Equity share A/c | 8,00,000 | ||||
| To Securities Premium reserve A/c | 2,00,000 | ||||
| (Being the consideration paid by issued of equity shares of ₹ 100 each at a premium of 25%) | |||||
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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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