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Question 21 Chapter 9 of +2-A – T.S. Grewal 12 Class

Question 21 Chapter 9 of +2-A
Question No21 - Chapter No.9 - T.S. Grewal +2 Book 2019-Solution

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Question 21 Chapter 9 of +2-A

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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 21 Chapter 9 of +2-A: – 

     
DateParticulars
L.F.DebitCredit
 Assets A/cDr 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/cDr 18,00,000 
 Discount on issue of debentures A/cDr 2,00,000 
 To Securities premium A/c   20,00,000
 (Being Debenture issued at securities premium)    

Working Note

 

No of Debenture to be issued =Purchase consideration=18,00,000=20,000 debentures
Issue price90

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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)

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)

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

+2 Book 2-min

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