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A limited company/purchased machine worth Rs. 1,15,000 from Indian traders. Payment was made as to Rs. 110,000 by cross cheque and the remaining amount by issue of equity shares of the face value of Rs. 10 each fully paid at an price of Rs. 10.50 each. Make entries in company's journal |
| Answer» WORTH RS. 1,15,000 from Indigo Traders PAYMENT was made as Rs. 10,000 [1,15,000 -10,000 = 105,000]10,000 EQUITY shares of the face value of Rs. 10 each [10,000 x 10 = 100,000] 105,000 -100,000 =5,000. | |