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X Ltd. took over the assets of ₹ 6,60,000 and liabilities of ₹ 80,000 of Y Ltd. for ₹ 6,00,000. Give necessary journal entries in the books of X Ltd. assuming that: Case (a): The purchase consideration was payable 10% in cash and the balance in 5,400; 12% Debentures of ₹ 100 each. Case (b): The purchase consideration was payable 10% in cash and the balance in 4,500; 12% Debentures of ₹ 100 each issued at 20% premium. |
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Answer» UESTION IS VERY NICE DUDEYOUR ANSWER ISXYZ Ltd. 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%.HOPE IT'S HELP |
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