Question

Fill-in-the-blanks in the following case:

In the Books of N Ltd. JOURNAL
Date	Particulars	L.F.	Dr. (₹)	Cr. (₹)
	Sundry Assets A/c   ...Dr.		20,00,000
	To Sundry Creditors A/c			3,00,000
	To ?			?
	To ?			?
	(Business of Rajiv & Co. purchased for a consideration of ₹ 15,00,000)
	?   ...Dr.		?
	?   ...Dr.		?
	To 12% Debentures A/c			?
	(Payment to Rajiv & Co. by issue of? 12% Debentures of ₹ 200 each at a discount of ₹ 50 per debenture)

Answer 1

In the Books of N Ltd. JOURNAL
Date	Particulars	L.F.	Dr. (₹)	Cr. (₹)
	Sundry Assets A/c   ...Dr.		20,00,000
	To Sundry Creditors A/c			3,00,000
	To Rajiv & Co.			15,00,000
	To Capital Reserve A/c			2,00,000
	(Business of Rajiv & Co. purchased for a consideration of ₹ 15,00,000)
	Rajiv & Co.   ...Dr.		15,00,000
	Discount on Issue of Debentures A/c   ...Dr.		5,00,000
	To 12% Debentures A/c			20,00,000
	(Payment to Rajiv & Co. by issue of 10,000, 12% Debentures of ₹ 200 each at a discount of ₹ 50 per debenture)