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Question no 9 Chapter 2 – UNIMAX Class 12 Part 2 – 2021

Question no -09 Chapter no -2 Unimax Class -12 Part - II
Question no -09 Chapter no -2 Unimax Class -12 Part - II

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Question No 9 Chapter 2 – UNIMAX  Class 12 Part 2 – 2021

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A Ltd. purchased an established business for ₹ 2,00,000 payable as to ₹ 65,000 in cash and the balance by an issue of 9% Debenture of ₹ 100 each at a discount of 10 per cent. Give journal entries in the books of A Ltd.
[ 1,500 debentures of ₹ 100 each]

The solution of Question 9 Chapter 2 of +2 Part-2: –

Journal

Date  Particulars
L.F.DebitCredit
 Sundry assets A/cDr. 2,00,000 
 To Vendor’s A/c   2,00,000
 (Being running business purchased)    
 Vendor’s A/cDr. 2,00,000 
 Discount on issue of debenture A/cDr. 15,000 
 To Debenture A/c  1,50,000
 To Cash A/c  65,000
 (Being 1500 debentures @ ₹ 100 each and 65000 in cash paid to vendor)    

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