Question 21 Chapter 9 of +2-Part-1 – USHA Publication 12 Class Part – 1

Question 21 Chapter 9 of +2-Part-1 - USHA Publication 12 Class Part - 1

Question 21 Chapter 9 of +2-Part-1

21. (Issue for Purchase Consideration other than Cash) P. Ltd. acquired following assets
(a) Building Rs. 8,00,000; payment made by issue of debentures of Rs. 100 each
(b) Plant Rs. 9,45,000; payment made by issue of debentures of RS. 100 each at 5% premium.
Pass journal entries.

The solution of Question 21 Chapter 9 of +2 Part-1: –

Journal
Date   Particulars
L.F. Debit Credit ₹
a Bank A/c Dr.   8,00,000  
  To Vendor’s A/ c       8,00,000
  (Being building acquired )      
         
  Vendor’s A/ c Dr.   8,00,000  
  To Debenture A/c     8,00,000
  (Being debentures issued )      
         
 b Plant A/c Dr.   9,45,000  
  To Vendor’s A/ c       9,45,000
  (Being Plant acquired )        
           
  Vendor’s A/ c Dr.   9,45,000  
  To Debenture A/c       9,00,000
  To Securities Premium A/c       45,000
  (Being 9,000 debentures Of Rs. 100 each issued At 5% premium )        
           

It all about Question 20 Chapter 9 of +2-Part-1, If you have any problem please comment below.

Issue of Debentures from the point of view of Redemption

You can also Check out the solved question of other Chapters: –

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

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

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