Question

30. Bansal Heavy Machine Ltd. purchased machine worth 3,20,000 from Handa
Traders. Payment was made as 50,000 cash and remaining amount by issue of
equity shares of the face value of 100 each fully paid at an issue price of 90 each.
Give journal entries to record the above transactions.
(NCERT)
Ans: No fleef Shanes 3.000 sharesl​

Answer 1

Explanation:

No company can issue their shares on discount after commencement of Companies Act 2013. old question. still answered according to requirement of Question.

Amount remaining after cash payment = 2,70,000

Issue price of share = 90 (fully paid up)

No. of shares to be issued = 2,70,000 / 90 = 3,000

Accordingly :

Machinery A/C Dr 3,20,000

Disc on issue of shares A/C 30,000

To Bank A/C 50,000

To Equity Share Capital A/C 3,00,000