Question

a limited has an authorised capital of rupees 80000 divided into 8000 shares of rupees 10 each it issued 5000 shares as fully paid up to vendors Y Limited as purchase consideration of building and 2000 shares were issued as fully paid up to promoters share issue expenses amounted to Rupees 6000 give journal entries ​

Answer 1

Explanation:

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Answer 2

The entries are given below with the explanations. Hope this will help you.

Explanation:

These entries are for issue of shares to vendors.

• Entry for purchase of building :

Building A/c Dr. 50000

  To Y limited  A/c    50000

• Issue of shares to Y limited :

Y limited A/c Dr. 50000

    To Share capital A/c 50000

Now the entry is for issue of share to the promoters.

Goodwill A/c Dr. 20000

   To Share capital A/c 20000

Now the Entry for share issue expenses.

Cost of issue of share account Dr. 6000

                                       To Bank A/c 6000