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. ) |
Thanks, Please Like and share with your friends
Comment if you have any question.
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
![+2 Book 2-min](https://tutorstips.com/wp-content/uploads/2020/06/2-Book-2-min.jpg)
Leave a Reply