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 10% as purchase consideration. Record necessary journal entries in the books of Romi Ltd.

Romi Ltd. acquired assets of ₹ 20 lakhs and took over creditors of �

1.	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 10% as purchase consideration. Record necessary journal entries in the books of Romi Ltd.
Answer» n: Books of Romi Ltd. Journal Entries Particulars DEBIT Rs. Credit Rs. ASSETS A/c Dr. 20.00,000 To Creditors Ac 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 DISCOUNT on ISSUE of Debentures A/c Dr. 2,00,000 To 8%Debenture A/c 20,00,000 (Being issued 20,00 8% Debentures of Rs.100 each at discount of 10% to Kapil Enterprises) Working Note: Numbers of Debentures Issued = = = 20,000 debentures

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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 10% as purchase consideration. Record necessary journal entries in the books of Romi Ltd.

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