Question no 34 Chapter 1 - Unimax Class 12 Part 2

Question No 34 Chapter 1 – Unimax Class 12 Part 2 – 2021

Table of Contents

The solution of Question 34 Chapter 1 of +2 Part-2: –

Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

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%)