Question 20 Chapter 9 of +2-A – T.S. Grewal 12 Class

Question 20 Chapter 9 of +2-A

Question 20 Chapter 9 of +2-A

20. Romi Ltd. acquired assets of  ₹ 20 lakhs and took over creditors of  ₹ 2 lakhs from Kapil Enterprises.
Romi Ltd. issued 8% Debentures of  ₹ 100 each at a discount of 25% as purchase consideration.
Record necessary journal entries in the books of Romi Ltd.

The solution of Question 20 Chapter 9 of +2-A: – 

         
Date Particulars
L.F. Debit Credit
  Assets A/c Dr   20,00,000  
  To Creditors A/c       2,00,000
  To Kapil Enterprises A/c       18,00,000
  (Being assets purchased and creditors took over from Kapil ltd. )        
  Kapil Enterprises Ltd A/c Dr   18,00,000  
  To 8%Debenture A/c       14,40,000
  To Securities premium A/c       3,60,000
  (Being Debenture issued at securities premium)        

Working Note

 

No of Debenture to be issued  = Purchase consideration = 18,00,000 = 14,400 shares
Issue price 75

 


Please Like and share with your friends  

Comment if you have any question.

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)

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

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

2 Book 2 min - Question 20 Chapter 9 of +2-A - T.S. Grewal 12 Class

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.