Question No 33 Chapter 2 – UNIMAX Class 12 Part 2 – 2021
Table of Contents
Ricky Ltd. took over assets of ₹ 8,00,000 and liabilities of ₹ 1,00,000 of Vicky Ltd. at an agreed value ₹ 7,20,000. Ricky issued 10% debenture of ₹ 100 each at a discount of 10% to Vicky Ltd. in fully satisfaction of the price.
Pass the necessary journal entries to record the above transaction in the books of Ricky Ltd.
The solution of Question 33 Chapter 2 of +2 Part-2: –
Journal
Books of Ricky Ltd.
| Date | Particulars |
L.F. | Debit | Credit | |
| Sundry Assets A/c | Dr. | 8,00,000 | |||
| Goodwill A/c | Dr. | 20,000 | |||
| To Sundry Liabilities A/c | 1,00,000 | ||||
| To Vicky A/c | 7,20,000 | ||||
| (Being assets and liabilities took over of Vicky ltd.) | |||||
| Vicky Ltd A/c | Dr. | 7,20,000 | |||
| Discount on issue of debenture A/c | Dr. | 80,000 | |||
| To Debentures A/c | 8,00,000 | ||||
| (Being 8,000i.e. ₹ 7,20,000, ₹ 90, 10% debentures of ₹ 100 each issued at ₹ 90 each in full satisfaction) | |||||
| Statement of profit & loss A/c | Dr. | 80,000 | |||
| To Discount on issue of debenture A/c | 80,000 | ||||
| (Being discount on issue of debenture written off) | |||||
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Share Capital: Meaning, Types, and Classes
Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution
- Chapter No. 1 – Accounting Not for Profit Organisations
- Chapter No. 2 – Partnership Accounts – I (Introduction)
- Chapter No. 3 – Partnership Accounts – II (Goodwill: Nature and Valuation)
- Chapter No. 4 – Partnership Accounts – III (Reconstitution of Partnership)
- Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)
- Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)
- Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
- Chapter No. 8 – Company Accounts (Share Capital)
- Chapter No. 9 – Company Accounts (Issue of Debentures)
- Chapter No. 10 – Company Accounts (Redemption of Debentures)
Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution
- Chapter No. 1 – Financial Statements of a Company
- Chapter No. 2 – Financial Statement Analysis
- Chapter No. 3 – Tools of Financial Statement Analysis- Comparative and Common Size
- Chapter No. 4 – Ratio Analysis
- Chapter No. 5 – Cash Flow Statement
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