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Question no 35 Chapter 1- Class 12 Part 2 Unimax
Darshan Ltd. purchase a running business from Diya Ltd. for a sum of ₹ 3,00,000 payable by issued of ₹ 20,000 equity shares of ₹ 10 each at a premium of ₹ 2 per shares and balance in cash. The assets and liabilities taken over were: Plant ₹ 80,000 : Building ₹ 80,000 : Debtors ₹ 60,000, Stock ₹ 60,000, Furniture ₹ 80,000, Creditors ₹ 40,000.
You are required to pass necessary journal entries for the above transaction in the books of Darshan Ltd.
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| Plant A/c | Dr. | 80,000 | |||
| Building A/c | Dr. | 80,000 | |||
| Debtors A/c | Dr. | 60,000 | |||
| Stock A/c | Dr. | 60,000 | |||
| Furniture A/c | Dr. | 80,000 | |||
| To Diya Ltd. | 3,00,000 | ||||
| To Creditors | 40,000 | ||||
| To Capital reserve | 20,000 | ||||
| (Being the running business of Diya Ltd., Purchased for ₹ 3,00,000) | |||||
| Diya Ltd. A/c | Dr. | 3,00,000 | |||
| To Equity share capital A/c | 2,00,000 | ||||
| To Securities Premium reserve A/c | 40,000 | ||||
| To Cash | 60,000 | ||||
| (Being payment made to DIVYA Ltd. to 60,000 by cash and issued of 20,000 equity shares at ₹ 2 premium) | |||||
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 35 Chapter 1- 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.
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