Question 41:
Rajan Ltd . purchased assets from Geeta & Co . for ₹5,00,000. A sum of ₹1,00,000 was paid by means of a bank draft and for the balance due Rajan Ltd. issued equity Shares of ₹10 each at a premium of 25%. journalise the above transactions in the books of the company.
Answer:
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Books of Rajan Limited Journal |
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Date |
Particulars |
L.F. |
Debit ₹ |
Credit ₹ |
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Assets A/c |
Dr. |
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5,00,000 |
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To Geeta & Co. |
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5,00,000 |
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(Assets purchased from Geeta & Co.) |
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Geeta & Co. |
Dr. |
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1,00,000 |
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To Bank A/c |
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1,00,000 |
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(Payment made to Geeta & Co.) |
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Geeta & Co. |
Dr. |
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4,00,000 |
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To Equity Share Capital A/c |
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3,20,000 |
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To Securities Premium A/c |
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80,000 |
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(32,000 equity shares of ₹10 issued at 25% premium) |
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Working Note-
Number of shares issued=4,00,000/10+2.5=32,000 shares
Question 42:
Sona Ltd. purchased machinery costing ₹17,00,000 from Mona Ltd. Sona Ltd. paid 20% of the amount by cheque and for the balance amount issued Equity Shares of ₹100 each at a premium of 25% . Pass necessary Journal entries for the above transactions in the books of Sona Ltd .Show your working notes clearly.
Answer:
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Journal |
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Date |
Particulars |
L.F. |
Debit (₹) |
Credit (₹) |
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Machinery A/c |
Dr. |
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17,00,000 |
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To Mona Ltd. |
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17,00,000 |
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(Machinery purchased on credit from Sona Ltd.) |
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Mona Ltd. |
Dr. |
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3,40,000 |
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To Bank A/c |
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3,40,000 |
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(20% amount paid through cheque) |
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Mona Ltd. (17,00,000 – 3,40,000) |
Dr. |
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13,60,000 |
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To Equity Share Capital* |
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10,88,000 |
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To Securities Premium A/c* |
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2,72,000 |
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(Issued 10,880 shares of ₹100 each to Mona Ltd. at 25% Premium) |
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Working Notes:
Number of shares = purchase consideration/face value of share+premium=13,60,000/100+25=10,880 shares
Amount of shares capital issued=10,880×100=10,88,000
Amount of securities premium on shares issued=10,88,000×25/100=2,72,000
Question 43:
Surya Ltd. took over assets of ₹40,00,000 and liabilities of ₹7,50,000 of Moon Ltd. Surya Ltd. paid the purchase consideration by issuing 17,600; 10% Preference Shares of ₹100 each at a premium of 25% and ₹12,00,000 by Bank Draft. Calculate purchase consideration and pass the necessary Journal entries in the book of Surya Ltd.
Answer:
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Surya Ltd. Journal |
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Date |
Particulars |
L.F. |
Debit Amount (₹) |
Credit Amount (₹) |
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(i) |
Assets A/c |
Dr. |
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40,00,000 |
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Goodwill A/c |
Dr. |
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1,50,000 |
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To Sundry Liabilities A/c |
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7,50,000 |
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To Moon Ltd. |
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34,00,000 |
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(Being Surya Ltd. took over assets of ₹40,00,000 and liabilities of ₹7,50,000 of Moon Ltd, purchase consideration by issuing 17,600; 10% Preference Shares of ₹100 each at a premium of 25% and ₹12,00,000 by Bank Draft) |
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(ii) |
Moon Ltd. |
Dr. |
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34,00,000 |
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To 10% Preference Share Capital A/c |
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17,60,000 |
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(17,600×100) |
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To Securities Premium Reserves A/c |
4,40,000 |
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(17,600×25) |
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To Bank A/c |
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12,00,000 |
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(Being purchase consideration by issuing 17,600; 10% Preference Shares of ₹100 each at a premium of 25% and ₹12,00,000 by Bank Draft) |
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Question 44:
Randorm Ltd. took over running business of Mature Ltd. comprising of Assets of ₹45,00,000 and Liabilities of ₹6,40,000 for a purchase consideration of ₹36,00,000. The amount was settled by bank draft of ₹1,50,000 and balance by issuing 12% Preference Shares of ₹100 each at 15% premium. Pass entries in the books of Random Ltd.
(CBSE Sample Question Paper 2023)
Answer:
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Books of Randorm Ltd. |
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Date |
Particulars |
L.F. |
Debit (₹) |
Credit (₹) |
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Assets A/c |
Dr. |
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45,00,000 |
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To Sundry Creditors A/c |
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4,40,000 |
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To Mature Ltd. |
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36,00,000 |
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To Capital Reserve A/c |
2,60,000 |
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(Being Asset purchased and liabilities accepted from Mature Ltd.) |
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Mature Ltd. |
Dr. |
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36,00,000 |
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To Share Capital A/c |
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30,00,000 |
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(30,000×100) |
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To Securities Premium Reserve A/c (30,000×15) |
4,50,000 |
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To Bank A/c |
1,50,000 |
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(Being amount was settled by bank draft of ₹1,50,000 and 12% Preference Shares of ₹100 each at 15% premium.) |
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Working notes:
Purchase consideration of ₹36,00,000
The amount was settled by bank draft of ₹1,50,000 immediately
Balance paid by issuing 12% Preference Shares of ₹100 each at 15% premium
It means:
Per share issued at 100+15= 115
Balance amount = 36,00,000-1,50,000=34,50,000
No. of shares issued = =34,50,000÷ 115 = 30,000
Ts Grewal Solution 2026-2027
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Class 12 / Volume – 2
Chapter 1- Company Accounts- Accounting for Share Capital
Question No. 1 To 4
Question No. 5 To 8
Question No. 9 To 12
Question No. 13 To 16
Question No. 17 To 20
Question No. 21 To 24
Question No. 25 To 28
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