1.

X Ltd. took over the assets of ₹ 6,00,000 and liabilities of ₹ 80,000 of Y Ltd for an agreed purchase consideration of ₹ 6,00,000 payable 10% in cash and the balance by the issue of 12% Debentures of ₹ 100 each. Give necessary journal entries in the books of X Ltd., assuming that: Case (a): The debentures are issued at par. Case (b): The debentures are issued at 20% premium. Case (c): The debentures are issued at 10% discount.

Answer»

. issued 5,000, 10% Debentures of ₹ 100 each on 1ST April, 2015 at a discount of 10% redeemable at a premium of 10% after 4 years. Give journal entries for the YEAR ended 31st March, 2016, assuming that the interest was PAYABLE half-yearly on 30th September and 31st March. Tax is to be deducted @ 10%.case a and case b seems to be similarhope this helps



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