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Question no 20 Chapter 2 – UNIMAX Class 12 Part 2 – 2021

Question no -20 Chapter no -2 Unimax Class -12 Part - II
Question no -20 Chapter no -2 Unimax Class -12 Part - II

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Question No  20 Chapter 2 – UNIMAX  Class 12 Part 2 – 2021

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X Ltd. took over the assets of Y Ltd. ₹ 2,00,000. It also agreed to takeover the liabilities of Y Ltd. amounting to ₹ 50,000 for a purchase consideration of ₹ 1,30,000. The payment of Y Ltd. was made by issue of 12% debenture of ₹ 100 each. Pass necessary journal entries in the books of X Ltd.

The solution of Question 20 Chapter 2 of +2 Part-2: –

Journal
In the Books of ‘X’ Ltd.

Date  Particulars
L.F.DebitCredit
 Sundry Assets A/cDr. 2,00,000 
 To Y Ltd. A/c  1,30,000
 To Sundry liabilities A/c  50,000
 To Capital reserve A/c  20,000
 (Being assets and liabilities purchases from Y Ltd.)   
 Y Ltd. A/cDr. 1,30,000 
 To Debenture A/c   1,30,000
 (Being 1300 debenture of ₹ 100 each)    

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