tsgrewalSolution25-26 - commercemine

Question 37:

Random 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 Paper 2023)

Answer:

Mangla Cortubi Ltd. Journal
Date	Particulars		L.F.	Debit Amount (₹)	Credit Amount (₹)

(i)	Assets A/c	Dr.		45,00,000
	To Sundry Liabilities A/c				6,40,000
	To Mature Ltd.				36,00,000
	To Capital Reserve A/c				2,60,000
	(Purchase of assets and liabilities of Mangla Tubes Ltd.)

(ii)	Mangla Tubes Ltd.	Dr.		36,00,000
	To Equity Share Capital A/c				30,00,000
	To Securities Premium A/c				4,50,000
	To Bank A/c				1,50,000
	(30,000Equity Shares issued of ₹100 each at a premium of Re 115 per share and shares ₹1,50,000 by bank draft)

Working notes:

No. of Preference Shares issued =34,50,000 +115 = 30,000 shares.]

Question 38:

2,000 Equity Shares of ₹10 each were issued to Limited from whom assets of ₹25,000 were acquired .
Pass Journal entry.

Answer:

Journal
Date	Particulars		L.F.	Debit ₹	Credit ₹

	Assets A/c	Dr.		25,000
	To X Ltd.				25,000
	(Assets bought from X Ltd.)

	X Ltd.	Dr.		25,000
	To Share Capital A/c				20,000
	To Securities Premium A/c				5,000
	(2,000 shares of ₹10 each issued to X Ltd.)

Question 39:

'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 Journal
Date	Particulars		L.F.	Debit Amount (₹)	Credit Amount (₹)
	Plant & Machinery A/c	Dr.		1,00,000
	To Vendor A/c				1,00,000
	(Machinery purchased)

	Vendor A/c	Dr.		1,00,000
	To Equity Share Capital A/c (800 × 100)				80,000
	To Securities Premium A/c (800 × 25)				20,000
	(Shares issued to vendor at a premium of ₹25 per share)

Question 40:

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:

Books of Z Ltd. Journal
Date	Particulars		L.F.	Debit Amount ₹	Credit Amount ₹

	Assets A/c	Dr.		2,20,000
	To C.D Ltd.				2,20,000
	(Assets purchased from C.D Ltd.)

	C.D Ltd.	Dr.		2,20,000
	To 9% Preference Share Capital				2,00,000
	To Securities Premium A/c				20,000
	(2,000 9% Preference Shares of ₹100 each issued at 10% premium to C.D Ltd.)

Working Note:

Number of shares issued=2,20,000/100+10=2,000 shares

Ts Grewal Solution 2025-2026

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Class 12 / Volume – 2

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Chapter 9- Company Accounts- Accounting for Share Capital