Question 37:
2,000 Equity Shares of ` 10 each were issued to Limited from whom
assets of ` 25,000 were acquired .
Pass Journal entry.
Answer:
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Journal |
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Date |
Particulars |
L.F. |
Debit ` |
Credit ` |
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Assets A/c |
Dr. |
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25,000 |
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To X Ltd. |
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25,000 |
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(Assets bought from X Ltd.) |
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X Ltd. |
Dr. |
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25,000 |
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To Share Capital A/c |
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20,000 |
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To Securities Premium
A/c |
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5,000 |
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(2,000 shares of `
10 each issued to X Ltd.) |
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Question 38:
'Amrit Dhara Ltd.' issued 800 Equity
Shares of ` 100 each at a premium of 25% as fully paid-up in consideration of the purchase of plant and machinery of ` 1,00,000.
Pass entries in company's Journal.
Answer:
|
Books
of Amrit Dhara Limited |
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Date |
Particulars |
L.F. |
Debit Amount (`) |
Credit Amount (`) |
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Plant & Machinery A/c |
Dr. |
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1,00,000 |
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To Vendor A/c |
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1,00,000 |
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(Machinery purchased) |
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Vendor A/c |
Dr. |
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1,00,000 |
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To Equity Share Capital A/c (800 × 100) |
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80,000 |
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To Securities Premium A/c (800 × 25) |
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20,000 |
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(Shares issued to vendor at a
premium of ` 25 per share) |
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Question 39:
Z
Ltd . purchased furniture costing `
2,20,000 from C.D Ltd. The payment was to be made by issue of 9% Preference Shares of ` 100 each ata premium of ` 10 per share . Pass necessary Journal entries in the books of
Z Ltd.
Answer:
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Books
of Z Ltd. Journal |
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Date |
Particulars |
L.F. |
Debit
Amount ` |
Credit
Amount ` |
|
|
|
|
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|
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Assets A/c |
Dr. |
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2,20,000 |
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To C.D Ltd. |
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2,20,000 |
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(Assets purchased from C.D Ltd.) |
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C.D Ltd. |
Dr. |
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2,20,000 |
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To 9% Preference Share Capital |
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2,00,000 |
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To Securities Premium A/c |
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20,000 |
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(2,000 9% Preference Shares of `
100 each issued at 10% premium to C.D Ltd.) |
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Working Note:
Number
of shares issued=2,20,000/100+10=2,000
shares
Question 40:
Goodluck Ltd purchased
machinery costing ` 10,00,000 from Fair Deals Ltd. The company paid the price
by issue of Equity Shares of ` 10 each at a premium of 25%.
Pass necessary Journal entries for the above transactions in the books of Goodluck Ltd.
Answer:
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Books
Goodluck Ltd. Journal |
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Date |
Particulars |
L.F. |
Debit Amount ` |
Credit Amount ` |
||
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Machinery A/c |
Dr. |
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10,00,000 |
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To Fail Deals Ltd. |
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10,00,000 |
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(Machinery purchased from Fair
Deals Ltd.) |
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Fair Deals Ltd. |
Dr. |
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10,00,000 |
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To Equity Share Capital A/c |
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8,00,000 |
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To Securities Premium A/c |
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2,00,000 |
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(80,000 equity shares of `
10 each issued at 25% premium) |
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Working Note:
Number of shares issued=10,00,000/10+2.5=80,000 shares
Ts Grewal Solution 2024-2025
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Class 12 / Volume – II