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:
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Journal |
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Date |
Particulars |
L.F. |
Debit ( `) |
Credit ( `) |
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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 |
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(Machinery purchased on credit from Sona Ltd.) |
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Mona Ltd. |
Dr. |
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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. |
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13,60,000 |
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To Equity
Share Capital* |
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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
Question 34:
Bhushan 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 ( `) |
Credit ( `) |
|
|
|
|
|
|
|
|
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Goodwill
A/c |
Dr. |
|
4,00,000 |
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Plant A/c |
Dr. |
|
7,00,000 |
|
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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 |
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|
2,00,000 |
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To Sharma & Co |
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30,00,000 |
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(Asset
purchased and liabilities accepted from Sharma & Co) |
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Sharma
& Co |
Dr. |
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30,00,000 |
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To Share Capital A/c |
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30,00,000 |
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(30,000
shares of ` 100 each
issued to Sharma & Co.) |
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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 |
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|
Date |
Particulars |
L.F. |
Debit ( `) |
Credit ( `) |
|
|
|
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(i) |
Sundry Assets A/c |
Dr. |
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7,00,000 |
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To Sundry Liabilities A/c |
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2,00,000 |
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To Sanchar Ltd. |
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4,59,500 |
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To Capital Reserve A/c |
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40,500 |
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(Purchase of assets and liabilities of Sanchar Ltd.) |
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(ii) |
Sanchar Ltd. |
Dr. |
|
4,59,500 |
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To Equity Share Capital A/c |
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4,10,000 |
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To Securities Premium A/c |
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41,000 |
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To Bank A/c |
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8,500 |
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(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
Question 36:
Sure Ltd.
purchased a running business from M/s. Rai Brothers for a sum of ` 15,00,000 payable ` 12,00,000 in fully paid shares
of ` 10 each and balance through cheque.
The
assets and liabilities consisted of the following:
|
Plant and Machinery |
` 4,00,000 |
Stock |
` 4,00,000 |
|
Building |
` 4,00,000 |
Cash |
` 3,00,000 |
|
Sundry Debtors |
` 3,00,000 |
Sundry
Creditors |
` 2,00,000 |
You are required to pass necessary Journal entries in the company's books.
Answer:
|
Books of Sure Ltd. |
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|
Date |
Particulars |
L.F. |
Debit ( `) |
Credit ( `) |
|
|
|
|
|
|
|
|
|
|
Plant and
Machinery |
Dr. |
|
4,00,000 |
|
|
|
Building
A/c |
Dr. |
|
4,00,000 |
|
|
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Sundry
Debtors A/c |
Dr. |
|
3,00,000 |
|
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Stock A/c |
Dr. |
|
4,00,000 |
|
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Cash A/c |
Dr. |
|
3,00,000 |
|
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To Sundry Creditors A/c |
|
|
2,00,000 |
|
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To M/s Rai Brothers |
|
|
15,00,000 |
|
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To Capital Reserve A/c |
|
|
1,00,000 |
|
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|
(Business
of M/s Rai Brothers took over) |
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M/s Rai
Brothers |
Dr. |
|
12,00,000 |
|
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To Share Capital A/c |
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|
12,00,000 |
|
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(Shares
issued to M/s Rai Brothers) |
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M/S Rai
Brothers |
Dr. |
|
3,00,000 |
|
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To Bank A/c |
|
|
3,00,000 |
|
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|
(Payment
made to M/s Rai Brothers through cheque) |
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