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Neeraj Ltd. took over business of Ajay enterprises on 1-04-2020. The details of the
agreement regarding the assets and liabilities to be taken over are:
Particulars
Agreed Value (Rs.)
Book Value (Rs.)
w
20,00,000
Building
35,00,000
Plant and Machinery
12,00,000
8,00,000
Stock
4,00,000
4,00,000
Trade receivables
5,00,000
4,00,000
Creditors
2,00,000
3,00,000
1,00,000
Outstanding Expenses
50,000
It was decided to pay for purchase consideration as Rs. 7,00,000 through Cheque
and balance by issue of 2,00,000, 9% Debentures of Rs. 20 each at a premium of
25%. Journalize.
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