Question

Complete the following Journal Entires:

JOURNAL
Date	Particulars	L.F.	Dr. (₹)	Cr. (₹)
	Sundry Assets A/c   ...Dr.		25,00,000
	?   ...Dr.		?
	To Sundry Liabilities A/c			7,80,000
	To Shiv Shankar Ltd.			18,20,000
	(Shiv Shankar Ltd. taken over by Parvati Ltd. for a purchase consideration of ₹ 18,20,000)
	Shiv Shankar Ltd.   ...Dr.		18,20,000
	?   ...Dr.		?
	To ?			20,000
	To 8% Debentures A/c			?
	(Payment to Shiv Shankar Ltd. by issuing a bill of ₹ 20,000 and the balance paid by issue of 8% Debentures of ₹ 100 each at a discount of 10%)

Answer 1

JOURNAL
Date	Particulars	L.F.	Dr. (₹)	Cr. (₹)
	Sundry Assets A/c   ...Dr.		25,00,000
	Goodwill A/c   ...Dr.		1,00,000
	To Sundry Liabilities A/c			7,80,000
	To Shiv Shankar Ltd.			18,20,000
	(Shiv Shankar Ltd. taken over by Parvati Ltd. for a purchase consideration of ₹ 18,20,000)
	Shiv Shankar Ltd.   ...Dr.		18,20,000
	Discount on Issue of Debenture A/c   ...Dr.		2,00,000
	To Bills Payable A/c			20,000
	To 8% Debentures A/c			20,00,000
	(Payment to Shiv Shankar Ltd. by issuing a bill of ₹ 20,000 and the balance paid by issue of 8% Debentures of ₹ 100 each at a discount of 10%)