Question

Ram .Ltd purchase Business of shyam Ltd which include Land & Building 30 Lakh , Plant & Machinery 20 Lakh, stock 15 Lakh , Debtor 10 Lakh and Creditor 8 Lakh ,purchase consideration was settled at ₹72 Lakh .₹12 Lakh was paid by cheque ₹15 lakh was paid by acceptance of Bill and Balanced paid by issues of shares of ₹100 each. Pass the necessary Journal Entry .( in the following Cases ).1)When Shares issued at Par . 2) When Shares issued at Prenium 50%. ( ch = Issues of shares).​

Answer 1

1) sundry assets* A/c Dr. 75,00,000

Goodwill A/c Dr. 5,00,000

To crediter A/c 8,00,000

To Vendor's A/c 72,00,000

2) Vendor's A/c Dr. 27,00,000

To Bank A/c 12,00,000

To Bill of exchange A/c 15,00,000

3) Vendor's A/c Dr. 45,00,000

To share capital A/c 45,00,000

4) Vendor's A/c. 45,00,000

To share capital A/c. 30,00,000

To S.P.R A/c. 15,00,000

(3) = case 1 & (4) = case 2

Answer 2

Hey mate!!

Hope the pic helps u...