Question

A) Maxi Ltd. took over the business of Mini &
Co. on the following terms. Give the opening
journal entries in the books of Maxi Ltd
Agreed value of assets and liabilities taken
over :Goodwill-32,50,000; Premises-
10,00,000 ; Machinery - 5,00,000;
Furniture- 33,00,000; Receivables-
23,00,000;Stock-$2,00,000; Cash Balance-
50,000; Payables - 33,00,000; Unsecured
loans-37,00,00.
The purchase consideration is determined as
17,00,000.
The purchase consideration is settled by
issuing 1,00,000 Equity Shares of 10 each at
a premium of 10%, 3,000 Debentures @ 100
each at par and balance by cash​

Answer 1

Answer:

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