Question 29:
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 |
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Date |
Particulars |
L.F. |
Debit Amount ` |
Credit Amount ` |
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Assets A/c |
Dr. |
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2,20,000 |
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To C.D Ltd. |
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2,20,000 |
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(Assets
purchased from C.D Ltd.) |
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C.D Ltd. |
Dr. |
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2,20,000 |
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To 9% Preference Share Capital |
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2,00,000 |
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To Securities Premium A/c |
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20,000 |
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(2,000 9%
Preference Shares of ` 100 each issued at 10% premium to C.D Ltd.) |
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Working
Note:
Number of shares
issued=2,20,000/100+10=2,000 shares
Question 30:
Goodluck Ltd
purchased machinery costing ` 10,00,000
from Fair Deals Ltd. The company paid the price by issue of Equity Shares
of ` 10 each at a premium of 25%.
Pass necessary Journal entries for the above transactions in the books of
Goodluck Ltd.
Answer:
|
Books Goodluck Ltd. Journal |
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Date |
Particulars |
L.F. |
Debit Amount ` |
Credit Amount ` |
||
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Machinery
A/c |
Dr. |
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10,00,000 |
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To Fail Deals Ltd. |
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10,00,000 |
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(Machinery
purchased from Fair Deals Ltd.) |
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Fair Deals
Ltd. |
Dr. |
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10,00,000 |
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To Equity Share Capital A/c |
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8,00,000 |
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To Securities Premium A/c |
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2,00,000 |
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(80,000
equity shares of ` 10 each issued at 25% premium) |
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Working Note:
Number of
shares issued=10,00,000/10+2.5=80,000 shares
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. |
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10,00,000 |
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(Machinery
purchased from Ayer Ltd.) |
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Ayer Ltd. |
Dr. |
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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
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 ` |
Credit ` |
|
|
|
|
|
|
|
|
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Assets A/c |
Dr. |
|
5,00,000 |
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To Geeta & Co. |
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|
5,00,000 |
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(Assets
purchased from Geeta & Co.) |
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Geeta
& Co. |
Dr. |
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1,00,000 |
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To Bank A/c |
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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 |
|
|
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
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