Question 45:
Mangla Cortubi Ltd. took over a unit of Mangla Tubes Ltd.
consisting of Machinery ₹40,00,000,
Tools and Dies₹10,00,000 and Liabilities of ₹25,00,000
for a consideration of ₹20,00,000.
The consideration was paid by issuing Equity Shares of ₹10
each at a premium of ₹5.
You are
required to pass the journal entries in the books of Mangla Cortubi Ltd.
Answer:
|
Mangla Cortubi Ltd. Journal |
|||||
|
Date |
Particulars |
L.F. |
Debit Amount (₹) |
Credit Amount (₹) |
|
|
|
|
|
|
|
|
|
(i) |
Machinery
A/c A/c |
Dr. |
|
40,00,000 |
|
|
|
Tools
and Dies A/C |
Dr. |
|
10,00,000 |
|
|
|
To Sundry Liabilities A/c |
|
|
|
25,00,000 |
|
|
To Mangla Tubes Ltd. |
|
|
|
20,00,000 |
|
|
To Capital Reserve A/c |
|
|
|
5,00,000 |
|
|
(Purchase of assets and liabilities of Mangla Tubes Ltd.) |
|
|
|
|
|
|
|
|
|
|
|
|
(ii) |
Mangla Tubes
Ltd. |
Dr. |
|
20,00,000 |
|
|
|
To Equity Share Capital A/c |
|
|
|
13,33,330 |
|
|
To Securities Premium A/c |
|
|
|
6,66,665 |
|
|
To Bank A/c |
|
|
|
5 |
|
|
(1,33,333 Equity Shares issued of
₹10 each at a premium of Re 5 per share and shares ₹5 by bank draft) |
|
|
|
|
|
|
|
|
|
|
|
Question 46:
Bhushan Lamp Ltd. issued 30,000 fully paid-up shares of ₹100 each
for purchase of the following assets and liabilities from Sharma & Co:
|
Plant |
₹7,00,000
|
Stock-in-Trade |
₹9,00,000 |
|
Land and Building |
₹12,00,000
|
Sundry Creditors |
₹2,00,000 |
You are required to pass necessary
Journal entries.
Answer:
|
Books
of Bharat Lamp Limited |
|||||
|
Date |
Particulars |
L.F. |
Debit (₹) |
Credit (₹) |
|
|
|
|
|
|
|
|
|
|
Goodwill A/c |
Dr. |
|
4,00,000 |
|
|
|
Plant A/c |
Dr. |
|
7,00,000 |
|
|
|
Stock-in-Trade A/c |
Dr. |
|
9,00,000 |
|
|
|
Land and Building |
Dr. |
|
12,00,000 |
|
|
|
To Sundry Creditors A/c |
|
|
2,00,000 |
|
|
|
To Sharma & Co |
|
|
30,00,000 |
|
|
|
(Asset purchased and liabilities
accepted from Sharma & Co) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Sharma & Co |
Dr. |
|
30,00,000 |
|
|
|
To Share Capital A/c |
|
|
30,00,000 |
|
|
|
(30,000 shares of ₹100 each
issued to Sharma & Co.) |
|
|
|
|
|
|
|
|
|
|
|
Question 47:
Sandesh Ltd. took over the assets of ₹7,00,000
and liabilities of ₹2,00,000 from Sanchar Ltd. for a purchase consideration of ₹4,59,500. ₹8,500 were
paid by accepting a draft in favour of Sanchar Ltd.
payable after three months and the balance was paid by issue of equity shares of ₹10 each at
a premium of 10% in favour
of Sanchar Ltd.
Pass necessary journal entries for the above transactions in the books of Sandesh Ltd.
Answer:
|
Sandesh Ltd. Journal |
|||||
|
Date |
Particulars |
L.F. |
Debit (₹) |
Credit (₹) |
|
|
|
|
|
|
|
|
|
(i) |
Sundry Assets A/c |
Dr. |
|
7,00,000 |
|
|
|
To Sundry Liabilities A/c |
|
|
|
2,00,000 |
|
|
To Sanchar Ltd. |
|
|
|
4,59,500 |
|
|
To Capital Reserve A/c |
|
|
|
40,500 |
|
|
(Purchase of assets and liabilities of Sanchar Ltd.) |
|
|
|
|
|
|
|
|
|
|
|
|
(ii) |
Sanchar Ltd. |
Dr. |
|
4,59,500 |
|
|
|
To Equity Share Capital A/c |
|
|
|
4,10,000 |
|
|
To Securities Premium A/c |
|
|
|
41,000 |
|
|
To Bank A/c |
|
|
|
8,500 |
|
|
(41,000 Equity Shares issued
of ₹10
each at a premium of Re 1 per share
and ₹8,500 by bank draft) |
|
|
|
|
|
|
|
|
|
|
|
Working Notes:
WN1: Calculation of Number of Equity Shares
Number of shares issued= Purchase
consideration/issue price=4,51,000/11=41,000
Question
48:
Sandesh Ltd. purchased
a running business from Sanchar Ltd. for ₹15,00,000
payable 10% by cheque andthe
balance by the issue of fully paid
Equity Shares of ₹100 each at a
premium of 20%. The assets andliabilities consisted of the following:
|
Particulars |
Book Value (₹) |
Agreed Value (₹) |
|
Building |
5,00,000 |
6,50,000 |
|
Plant and Machinery |
3,00,000 |
2,50,000 |
|
Stock |
6,00,000 |
5,00,000 |
|
Trade Receivables |
2,80,000 |
2,50,000 |
|
Trade Payables |
1,80,000 |
2,00,000 |
Pass
the necessary Journal entries in the books of Sandesh Ltd.
Answer:
|
Journal |
|||||
|
Date |
Particulars |
L.F. |
Debit (₹) |
Credit (₹) |
|
|
|
Goodwill A/c |
Dr. |
|
50,000 |
|
|
|
Building A/c |
Dr. |
|
6,50,000 |
|
|
|
Plant and Machinery A/c |
Dr. |
|
2,50,000 |
|
|
|
Stock A/c |
Dr. |
|
5,00,000 |
|
|
|
Trade Receivables A/c |
Dr. |
|
2,50,000 |
|
|
|
To
Trade Payables A/c |
|
|
|
2,00,000 |
|
|
To Sandesh Ltd. |
|
|
|
15,00,000 |
|
|
(Being
Business of Sanchar Ltd at agreed
values) |
|
|
|
|
|
|
Sandesh Ltd. |
Dr. |
|
15,00,000 |
|
|
|
To Bank
A/c |
|
|
|
1,50,000 |
|
|
To Share capital A/c |
|
|
|
11,25,000 |
|
|
To Securities Premium Reserve |
|
|
|
2,25,000 |
|
|
(Being Shares
issued for purchase consideration of
business by issuing shares of ₹100 each at a premium of
₹20) |
|
|
|
|
Ts Grewal Solution 2025-2026
Click below for more Questions
Class 12 / Volume – 2
Chapter 9- 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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