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Question 25 Chapter 9 of +2-A – T.S. Grewal 12 Class

Question 25 Chapter 9 of +2-A
Question No25 - Chapter No.9 - T.S. Grewal +2 Book 2019-Solution

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Question 25 Chapter 9 of +2-A

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25. Wellbeing Ltd. took over assets of Rs 9,80,000 and liabilities of Rs 40,000 of HDR Ltd. at an agreed value of 􀀀 9,00,000. Wellbeing Ltd. paid to HDR Ltd. by the issue of 9% Debentures of Rs 100 each at a premium of 20%. Pass necessary Journal entries to record the above transactions in the books of Wellbeing Ltd.

The solution of Question 25 Chapter 9 of +2-A: – 

     
DateParticulars
L.F.DebitCredit
 Sundry Assets A/cDr 9,80,000 
 To Sundry Liabilities A/c   40,000
 To HDR Ltd. A/c   9,00,000
 To Capital Reserve A/c   40,000
 (Being assets and liabilities purchased from Strong Ltd.. )    
 HDR . Ltd. A/cDr 9,00,000 
 To 9%Debenture A/c   7,50,000
 To Securities Premium A/c   1,50,000
 (Being debenture issued )    

Working Note

 

No of Debenture to be issued =Purchase consideration=9,00,000=7,500 debentures
Issue price120

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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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