Question

[" ABC Ltd.Purchased machinery worth Rs."1,00,000" from XCO.On "1.08.2018" .Rs "],[40000" were paid immediately and the balance was paid by issue of "¥62,00010%],[" debentures.Pass the necessary Journal entries for recording the above transactions in "],[" the books of ABC.Ltd."]​

Answer 1

Answer:

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Explanation:

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Answer 2

Lets pass journal entry in the books of ABC Ltd.

Explanation:

1.8.2018 Machinery a/c   dr                          100000

                  To X Co.                                                          100000

(Being machinery was purchased from X Co)

1.8.2018 X Co.                dr                           40000

                To Bank                                                               40000

(Being amount paid to X Co.)

1.8.2018 X Co.                dr                             62000

                 To 10% Debentures                                         60000

                  To Securities premium                                     2000

(Being 10% debentures were issued in purchase consideration of macinery)