A Ltd. issued shares for non-cash consideration in the following cases. Pass the necessary journal entries to
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A Ltd. issued shares for non-cash consideration in the following cases. Pass the necessary journal entries to record the transactions:
1. Issued 20,000 shares of ₹ 10 each in consideration for plant and machinery purchased on 10th January 2017.
2. Issued 30,000 shares of ₹10 each to B Ltd. for taking over the business by acquiring the following assets and liabilities at the following values on 15th January 2017:
Plant and Machinery—₹1,00,000; Land and Buildings—₹1,50,000; Furniture—₹50,000; Sundry Creditors—₹50,000.
3. Issued 10,000 shares of ₹10 each to the promoters in consideration for their services on 30th January 2017.
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