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Question 31 Chapter 8 of +2-A
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31. Goodluck ltd. Purchased machinery costing Rs 10,00,000 from fair deals ltd. The company paid the price by the issue of Equity shares of Rs 10 each at a premium of 25%.
Pass necessary journal entries for the above transaction in the books of Goodluck Ltd.
The solution of Question 31 Chapter 8 of +2-A: –
Date | Particulars | L.F. | Debit | Credit | |
Plant and Machinery A/c | Dr. | 10,00,000 | |||
To Fair deals ltd. A/c | 10,00,000 | ||||
(Being asset purchased from fairs deal limited ) | |||||
To Z ltd. A/c | Dr. | 10,00,000 | |||
To Equity share capital A/c | 8,00,000 | ||||
To Security premium reserve A/c | 2,00,000 | ||||
(Being Equity shares issued at par with security premium reserve ) |
(working note )
Calculation of shares issued
(Issued at premium of 20% )=
Rs 10,00,000 |
Rs 12.5 |
= 80,000 shares
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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)
- 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)
- Chapter No. 8 – Company Accounts – Accounting for Share Capital
- Chapter No. 9 – Company Accounts – Issue of Debentures
- Chapter No. 10 – Redemption of Debentures
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
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