i) Purchase machinery with listed price of Rs. 150,000 and in consideration issued own 14,800 ordinary...

 

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i) Purchase machinery with listed price of Rs. 150,000 and in consideration issued own 14,800 ordinary shares of Rs. 10 each. ii) Purchased a plot of land and issued 15,000 ordinary shares of Rs. 10 each as purchase price. Each share has intrinsic value of Rs. 12. iii) Purchased a runni8ng business by acquiring net assets of Rs. 60,000 and issued to the vendours 6,200 ordinary shares of Rs. 10. iv) Received Rs. 250,000 on the issue of 25,000 mortgage debentures of Rs. 10 each redeemable after 10 years at Rs. 12 each. v) Received cash Rs. 90,000 against the issue of 10,000 ordinary debentures of Rs. 10 each.Redeemable after five years at Rs. 12 each. Required Give entries in the General Journal to record the above transactions. i) Purchase machinery with listed price of Rs. 150,000 and in consideration issued own 14,800 ordinary shares of Rs. 10 each. ii) Purchased a plot of land and issued 15,000 ordinary shares of Rs. 10 each as purchase price. Each share has intrinsic value of Rs. 12. iii) Purchased a runni8ng business by acquiring net assets of Rs. 60,000 and issued to the vendours 6,200 ordinary shares of Rs. 10. iv) Received Rs. 250,000 on the issue of 25,000 mortgage debentures of Rs. 10 each redeemable after 10 years at Rs. 12 each. v) Received cash Rs. 90,000 against the issue of 10,000 ordinary debentures of Rs. 10 each.Redeemable after five years at Rs. 12 each. Required Give entries in the General Journal to record the above transactions.

Answer rating: 100% (QA)

Answer i Dr Machinery 150000 Cr Share Capital 140800 Cr Discou... View the full answer