Page No 9.115:
Question 31:
Jain Ltd
purchased machinery costing ` 10,00,000
from Ayer Ltd. 50% of the payment was made by cheque
and for the remaining 50% , the company issued Equity Shares of ` 100 each at
a premium of 25% . Pass necessary Journal entries in
the books of Jain Ltd . for the above transaction.
Answer:
|
Books of Jain Ltd. Journal |
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|
Date |
Particulars |
L.F. |
Debit Amount ` |
Credit Amount ` |
|
|
|
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Machinery
A/c |
Dr. |
|
10,00,000 |
|
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To Ayer Ltd. |
|
|
10,00,000 |
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|
(Machinery
purchased from Ayer Ltd.) |
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Ayer Ltd. |
Dr. |
|
5,00,000 |
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To Bank A/c |
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|
5,00,000 |
|
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|
(Payment
made to Ayer Ltd.) |
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Ayer Ltd. |
Dr. |
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5,00,000 |
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To Equity Share Capital A/c |
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4,00,000 |
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To Securities Premium A/c |
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|
1,00,000 |
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|
(4,000
equity shares of ` 100 each issued at 25% premium) |
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Working
Note-
Amount paid
through bank draft =10,00,000×50/100=5,00,000
Number of
shares issued = 5,00,000/100+25 =4,000 shares
Page No 9.115:
Question 32:
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 |
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|
Date |
Particulars |
L.F. |
Debit Amount ` |
Credit Amount ` |
|
|
|
|
|
|
|
|
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|
Assets A/c |
Dr. |
|
5,00,000 |
|
|
|
To Geeta
& Co. |
|
|
5,00,000 |
|
|
|
(Assets
purchased from Geeta & Co.) |
|
|
|
|
|
|
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|
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Geeta & Co. |
Dr. |
|
1,00,000 |
|
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To Bank A/c |
|
|
1,00,000 |
|
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|
(Payment
made to Geeta & Co.) |
|
|
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Geeta & Co. |
Dr. |
|
4,00,000 |
|
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To Equity Share Capital A/c |
|
|
3,20,000 |
|
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To Securities Premium A/c |
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|
80,000 |
|
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|
(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
Page No 9.115:
Question 33:
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 |
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|
Date |
Particulars |
L.F. |
Debit Amount ( `) |
Credit Amount ( `) |
|
|
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|
|
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|
|
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Machinery A/c |
Dr. |
|
17,00,000 |
|
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To Mona
Ltd. |
|
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|
17,00,000 |
|
|
(Machinery purchased on credit from Sona
Ltd.) |
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Mona Ltd. |
Dr. |
|
3,40,000 |
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To Bank
A/c |
|
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3,40,000 |
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(20% amount paid through cheque) |
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Mona Ltd. (17,00,000 – 3,40,000) |
Dr. |
|
13,60,000 |
|
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To Equity
Share Capital* |
|
|
|
10,88,000 |
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To
Securities Premium A/c* |
|
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2,72,000 |
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(Issued 10,880 shares of ` 100 each
to Mona Ltd. at 25% Premium) |
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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
Page No 9.116:
Question 34:
Bharat 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 |
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|
Date |
Particulars |
L.F. |
Debit Amount ( `) |
Credit Amount ( `) |
|
|
|
|
|
|
|
|
|
|
Goodwill
A/c |
Dr. |
|
4,00,000 |
|
|
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Plant A/c |
Dr. |
|
7,00,000 |
|
|
|
Stock-in-Trade
A/c |
Dr. |
|
9,00,000 |
|
|
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Land and
Building |
Dr. |
|
12,00,000 |
|
|
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To Sundry Creditors A/c |
|
|
2,00,000 |
|
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To Sharma & Co |
|
|
30,00,000 |
|
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|
(Asset
purchased and liabilities accepted from Sharma & Co) |
|
|
|
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|
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Sharma
& Co |
Dr. |
|
30,00,000 |
|
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To Share Capital A/c |
|
|
30,00,000 |
|
|
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(30,000
shares of ` 100 each issued to Sharma
& Co.) |
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Page No 9.116:
Question 35:
Sandesh Ltd. took over the assets of ` 7,00,000 and liabilities
of ` 2,00,000 from Sanchar Ltd. for a
purchase consideration of `
4,59,500. ` 8,500 were
paid by accepting a draft in favour of Sanchar Ltd.
payable after three months and the balance was paid by issue of equity shares
of ` 10 each at a premium of 10% in favour
of Sanchar Ltd.
Pass necessary journal entries for the above transactions in the books of Sandesh Ltd.
Answer:
|
Sandesh Ltd. Journal |
|||||
|
Date |
Particulars |
L.F. |
Debit Amount ( `) |
Credit Amount ( `) |
|
|
|
|
|
|
|
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|
(i) |
Sundry Assets A/c |
Dr. |
|
7,00,000 |
|
|
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To Sundry Liabilities A/c |
|
|
|
2,00,000 |
|
|
To Sanchar Ltd. |
|
|
|
4,59,500 |
|
|
To Capital Reserve A/c |
|
|
|
40,500 |
|
|
(Purchase of assets and liabilities of Sanchar Ltd.) |
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(ii) |
Sanchar Ltd. |
Dr. |
|
4,59,500 |
|
|
|
To Equity Share Capital A/c |
|
|
|
4,10,000 |
|
|
To Securities Premium A/c |
|
|
|
41,000 |
|
|
To Bank A/c |
|
|
|
8,500 |
|
|
(41,000 Equity Shares issued of ` 10 each
at a premium of Re 1 per share and ` 8,500 by
bank draft) |
|
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Working
Notes:
WN1: Calculation of Number of Equity Shares
Number of
shares issued= Purchaese consideration/issue price=4,51,000/11=41,000
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