Page 75 - DCOM205_ACCOUNTING_FOR_COMPANIES_II

Accounting for Companies – II

notes 10% Debentures a/c
particulars ` particulars `
To Realisation A/c 3,50,000 By Balance b/d 3,50,000
3,50,000 3,50,000

kamal Jeet ltd. (transferee company) a/c
particulars ` particulars `
To Realisation A/c (Purchase Consideration) 52,50,000 By Cash A/c 5,25,000
By Equity shares A/c in Kamal Jeet Ltd. 47,25,000
52,50,000 52,50,000

in the Books of transferee company
Journal of kamal Jeet ltd.
Date particulars l.f. ` `
2011 March 31 Business Purchase A/c Dr. 52, 50,000
To Liquidator of Ashutosh Ltd. 52, 50,000
(Being purchase price due to the liquidator of
Ashutosh Ltd.)
Land & Building A/c Dr. 42,00,000

Stock A/c Dr. 4, 97,000
Debtors A/c Dr. 1, 26,000
Cash A/c Dr. 1, 78, 500
Goodwill A/c Dr. 7, 44,800
To Creditors A/c 70,000
To 10% Debentures A/c (+Premium) 4, 20,000
To Provision for B/D A/c 6,300
To Business Purchase A/c 52, 50,000
(Being various assets and liabilities of the
Ashutosh Ltd., taken over and the balance
transferred into Goodwill A/c)
Liquidators of Ashutosh Ltd. Dr. 52, 50,000
To Cash A/c 5, 25,000

To Equity Shares Capital A/c 31, 50,000
To Securities Premium A/c 15, 75,000
(Being purchase consideration paid off partly in
cash and partly by
issue of equity shares at premium)
10% Debentures A/c Dr. 4, 20,000
Discount on issue of Debentures Dr. 17,500

To 8% Debentures A/c 4, 37,500
(Being discharge of 12% debentures of Ashutosh Ltd. at
discount)

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