Question

Sanjeev Sharma & Co. Ltd. amalgamated the Ajay Bhargav Ltd. with following assets and liabilities of Bhargava Co. Ltd. :

Fixed Capital 62,000
Share Capital 90,000
Current Assets 33,000
General Reserve 2,000
Sundry Liabilities 8,000

Sanjeev Sharma & Co. Ltd. paid following purchase consideration to Ajay Bhargava & Co. Ltd. :
(i) 5% Debenture Rs. 20,000 listed value at 5% premium.
(ii) Balance with shares of Re. 1 paid up value 75 paise.
Give Journal Entries in the books of Ajay Bhargava & Co. Ltd.

Answer 1

Explanation:

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