Question 39 Chapter 8 of +2-A
Table of Contents
Alankrit ltd. Purchased machinery of Rs 10,00,000 from grand iron works ltd. And paid as follows:
- Issued 50,000 equity shares of Rs 10 each at a premium of Rs 2.
- Gave an acceptance of 3,00,000 payable after 3 months; and
- Balance by issuing post-dated cheque of two months of 1,00,000.
Pass journal entries in the books of Alankrit ltd and grand iron works ltd.
The solution of Question 39 Chapter 8 of +2-A: –
| In the books of Alankrit ltd. | |||||
| Particulars |
L.F. | Debit | Credit | ||
| Machinery A/c | Dr | 10,00,000 | |||
| To Share capital. A/c | 5,00,000 | ||||
| To Equity share premium A/c | 1,00,000 | ||||
| To B.P A/c | 3,00,000 | ||||
| To Bank A/c | 1,00,000 | ||||
| (Being assets and liabilities purchased from Grand iron works Ltd. ) | |||||
| In the books of Grand iron works ltd. | |||||
| Particulars |
L.F. | Debit | Credit | ||
| Equity shares A/c | Dr | 5,00,000 | |||
| Bank A/c | Dr | 1,00,000 | |||
| B.R A/c | Dr | 3,00,000 | |||
| Equity share premium reserves A/c | Dr | 1,00,000 | |||
| To Machinery A/c | 10,00,000 | ||||
| (Being asset sold to Alankrit Ltd. ) | |||||
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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
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