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Question no 17 Chapter 2 – UNIMAX Class 12 Part 2 – 2021

Question no -17 Chapter no -2 Unimax Class -12 Part - II
Question no -17 Chapter no -2 Unimax Class -12 Part - II

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Question No  17 Chapter 2 – UNIMAX  Class 12 Part 2 – 2021

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X Ltd. purchased assets of Y Ltd. as under:
Plant and Machinery ₹ 8,00,000
Land and Building ₹ 72,00,000
The purchases consideration was ₹ 80,00,000 ₹ 20,00,000 were paid through cheque and the remaining by issue of 6% debentures of ₹ 100 each at a premium of ₹ 20%.
Pass necessary journal entries in the books of X Ltd.

The solution of Question 17 Chapter 2 of +2 Part-2: –

Journal
In the Books of ‘X’ Ltd..

Date  Particulars
L.F.DebitCredit
 Plant & Machinery A/cDr. 8,00,000 
 Land & Building A/cDr. 72,00,000 
 To Y Ltd. A/c   80,00,000
 (Being plant and machinery, land and building Y Ltd.)    
 Y Ltd. A/cDr. 80,00,000 
 To Debenture A/c  50,00,000
 To Securities premium A/c  10,00,000
 To Bank A/c  20,00,000
 (Being issue of 9% debenture in consideration purchase of plant and machinery)    

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