ILLUSTRATION 6.
Rohit Ltd. purchased assets from Rohan & Co., for Rs. 3,50,000. A sum of Rs. 75,000
was paid by means of a bank draft and for the balance due Rohit Ltd. issued Equity Shares
of Rs. 10 each at a premium of 10%. Journalise the above transactions in the books of the
Company
Answers
Explanation:
this is the perfect answer and note down the imp formula
no. of shares = total amount to be paid
____________________
total amount of 1 share including
premium
Answer:sundry assets a/c dr 350000
To rohan ltd a/c 350000
(ii) rohan ltd a/c dr 350000
To bank a/c 75000(given)
To equity share capital a/c 250000
To security premium a/c 25000
Explanation: WORKING NOTE :
CALCULATIONS OF EQUITY SHARE AS NOT GIVEN IN QUESTIONS : (Amt of purchase - Amt paid in bank) = 350000-75000 : 275000(actual price)
Then
Amt of shares per : rupee 10 (10% of rupee10)
= 10 + 1( 10% of rupee 10 is 1 )
=11 per share
Total money : 275000 ÷ 11(per share amt )
: 25000 shares
25000 × 10 = 250000 shares ( 2nd entry)