Question

Romi Ltd. acquired assets of ₹ 20 lakhs and took over creditors of ₹ 2 lakhs from Kapil Enterprises.
Romi Ltd. issued 8% Debentures of ₹ 100 each at a discount of 25% as purchase consideration.
Record necessary journal entries in the books of Romi Ltd.

Answer 1

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Answer 2

Solution:

                                       Books of Romi Ltd.

                                           Journal Entries  

Particulars                                                            Debit Rs.        Credit Rs.

Assets A/c                                          Dr.           20,00,000

      To Creditors A/c                                                                  2,00,000

      To Kapil Enterprises A/c                                                     18,00.000

(Being assets purchased and creditors took over from Kapil enterprises )

Kapil Enterprises A/c                          Dr.           18,00.000

        To 8%Debenture A/c                                                         14,40,000

       To Securities Premium A/c                                                3,60,000

(Being issued 14.400 8% debentures of Rs.100 each at a premium of 25% to Kapil enterprises)  

Working Note:  

Numbers of Debentures Issued = $\frac{Purchase Consideration}{Issue Price}$

                                                     = $\frac{18, 00, 000}{100+25}$

                                                    = 14,400 debentures