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प्रश्न
'Vimal Ltd. purchased assets a worth ₹ 5,00,000 and took over liabilities of ₹ 1,00,000 of Kapil Ltd. for a purchase consideration of ₹ 4,50,000. Vimal Ltd. paid one third of the amount of cheque and balance was settled by issuing 11% debentures of 100 each at a premium of 20%.
Pass necessary journal entries in the books of Vimal Ltd. for the above transactions.
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उत्तर
| Journal | ||||
| Date | Particulars | L.F. | Debit (₹) | Credit (₹) |
| Sundry Assets A/c ...Dr. | 5,00,000 | |||
| Goodwill A/c (Bal. Fig.) ...Dr. | 50,000 | |||
| To Liabilities A/c | 1,00,000 | |||
| To Kapil Ltd. | 4,50,000 | |||
| (Being purchase of assets and liabilities of Kapil Ltd.) | ||||
| Kapil Ltd. ...Dr. | 1,50,000 | |||
| To Bank A/c | 1,50,000 | |||
| (Being one-third amount of purchase consideration due to Kapil Ltd. paid by cheque) | ||||
| Kapil Ltd. ...Dr. | 3,00,000 | |||
| To 11 % Debentures A/c | 2,50,000 | |||
| To Securities Premium Reserve A/c | 50,000 | |||
| (Being remaining amount of purchase consideration discharged by issue of 2,500, 11 % debentures of ₹ 100 each at a premium at 20%) | ||||
Working Notes:
Amount paid by cheque = `1/3 xx ₹ 4,50,000`
= ₹ 1,50,000
Number of Debentures Issued = ` (₹ 4,50,000 - ₹ 1,50,000) / (₹ 100 + ₹ 20) = (₹ 3,00,000)/ (₹ 120)`
= ₹ 2,500.
APPEARS IN
संबंधित प्रश्न
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Pass necessary Journal entries for the above transaction in the books of Nav Lakshmi Ltd
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Answer in a sentence only.
What is meant by ‘Premium on Redemption of debentures?
Select most appropriate alternative from those given below :
The issue of debenture at its face value is called the issue ___________.
Select most appropriate alternative from those given below :
The issue of debentures less than the face value is called ___________.
State to whether the following statement is True/False.
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State to whether the following statement is True/False.
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State to whether the following statement is True/False.
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- When debentures were issued at 5% discount, redeemable at 10% premium.
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