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Question No 34 Chapter 1 – Unimax Class 12 Part 2 – 2021
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Table of Contents
ABC ltd. purchases a running business from XYZ ltd. for a sum of ₹ 10,00,000 payable by the issued of fully paid equity shares of ₹ 100 each at a premium of 25%. The assets and liabilities consisted of the following:
Building ₹ 5,00,000, Machinery ₹ 4,00,000, Sundry Debtors ₹ 1,00,000, Sundry Creditors ₹ 2,00,000.
Pass the necessary journal entries in the books of ABC Ltd.
The solution of Question 34 Chapter 1 of +2 Part-2: –
Journal
| Date | Particulars | L.F. | Debit | Credit | |
| Building A/c | Dr. | 5,00,000 | |||
| Machinery A/c | Dr. | 4,00,000 | |||
| Sundry Debtors A/c | Dr. | 1,00,000 | |||
| Goodwill A/c | Dr. | 2,00,000 | |||
| To Sundry Creditors A/c | 2,00,000 | ||||
| To XYZ Ltd. | 10,00,000 | ||||
| (Being the running business of XYZ Ltd., Purchased for ₹ 10,00,000) | |||||
| XYZ Ltd. A/c | Dr. | 10,00,000 | |||
| To Equity share A/c | 8,00,000 | ||||
| To Securities Premium reserve A/c | 2,00,000 | ||||
| (Being the consideration paid by issued of equity shares of ₹ 100 each at a premium of 25%) | |||||
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Share Capital: Meaning, Types, and Classes
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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
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication
