Question

7. Subhash Ltd. Purchased assets of Rs. 50,000 and took over liabilities of Rs 20,000 from Meenakshi Ltd ,Rs 10,000 was paid by accepting a bill of exchange and the balance by issuing equity shares of Rs 10 each at 20% premium. Pass necessary journal entries.​

Answer 1

Answer:

I think 5 rupees is the a swer

Answer 2

JOURNAL ENTRIES IN THE BOOKS OF SUBHASH LTD.

Explanation:

REFER TO THE IMAGE FOR THE ANSWER.

NOTE:

1) Premium on Equity Shares is 20% of Rs.10 i.e. Rs 2, thus making the per-share price Rs. 12.

2) No. of Shares are in Decimal form in our case which usually isn't the case so if you have mentioned the figures wrong, do adjust it accordingly.