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:
|
Books
of Rajan
Limited Journal |
|||||
|
Date |
Particulars |
L.F. |
Debit ` |
Credit ` |
|
|
|
|
|
|
|
|
|
|
Assets A/c |
Dr. |
|
5,00,000 |
|
|
|
To Geeta & Co. |
|
|
5,00,000 |
|
|
|
(Assets purchased from Geeta & Co.) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Geeta & Co. |
Dr. |
|
1,00,000 |
|
|
|
To Bank A/c |
|
|
1,00,000 |
|
|
|
(Payment made to Geeta & Co.) |
|
|
|
|
|
|
|
|
|
|
|
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|
Geeta & Co. |
Dr. |
|
4,00,000 |
|
|
|
To Equity Share Capital A/c |
|
|
3,20,000 |
|
|
|
To Securities Premium A/c |
|
|
80,000 |
|
|
|
(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:
|
Journal |
|||||
|
Date |
Particulars |
L.F. |
Debit (`) |
Credit (`) |
|
|
|
|
|
|
|
|
|
|
Machinery A/c |
Dr. |
|
17,00,000 |
|
|
|
To Mona Ltd. |
|
|
|
17,00,000 |
|
|
(Machinery purchased on credit
from Sona Ltd.) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Mona Ltd. |
Dr. |
|
3,40,000 |
|
|
|
To Bank A/c |
|
|
|
3,40,000 |
|
|
(20% amount paid through cheque) |
|
|
|
|
|
|
|
|
|
|
|
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|
Mona Ltd. (17,00,000 – 3,40,000) |
Dr. |
|
13,60,000 |
|
|
|
To Equity Share Capital* |
|
|
|
10,88,000 |
|
|
To Securities Premium A/c* |
|
|
|
2,72,000 |
|
|
(Issued 10,880 shares of ` 100 each to Mona Ltd. at 25%
Premium) |
|
|
|
|
|
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|
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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:
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.) |
|
|
|
|
|
|
|
|
|
|
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(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) |
|
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Question 44:
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.) |
|
|
|
|
|
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Ts Grewal Solution 2024-2025
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Class 12 / Volume – II