Question

10. A Ltd, took over machinery costing 1,80,000 of B limited at an agreed price of 1,62,000 and payment
made to B Ltd. by the issue of________6% debenture of 100 each share at premium of 20% the number of debentures issued in favour of B Ltd, will be:
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Answer 1

Answer:

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Answer 2

Answer:

The issue of 6% debenture of 100 each share at premium of 20% the number of debentures issued in favour of B Ltd, will

Explanation:

Assets A/c Dr.  6,60,000

Goodwill A/c(Balancing Figure) Dr.  20,000

To Liabilities A/c    80,000

To Y Ltd.    6,00,000

(Purchase of business of Y Ltd.)    

   60,000

Y Ltd. Dr.   60,000

To Cash A/c    

(Payment made in cash)    

   

(a) Y Ltd. Dr.  5,40,000

To 12% Debentures A/c    5,40,000

( Purchase consideration discharged by issue of 12% Debentures)    

   

(b) Y Ltd. Dr.  5,40,000

To 12% Debentures A/c    4,50,000

To Security Premium Reserve A/c    90,000

( Purchase consideration discharged by issue of 12% Debentures)    

   

(c) Y Ltd. Dr.  5,40,000

Discount on Issue of Debentures A/c Dr.  60,000

To 12% Debentures A/c    6,00,000

( Purchase consideration discharged by issue of 12% Debentures)

Due to the fact that the money must be paid in the future, salary outstanding is a liability and is reflected on the debit side of the profit and loss statement.

For an increase in the provision for dubious debts, the Revaluation Account is debited.

To determine net profit or loss on revaluing assets and liabilities, as well as to include such items that are not yet recorded in the books, a revaluation account is described. When a new partner is admitted, when a partner passes away, or when a partner retires, a revaluation account is created.

A typical illustration of a real account is a repair account that is unpaid.

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