please solve this fast
Solution:
Journal | |||||
In the books of Lemon Tree Ltd. | |||||
Date | Particulars | L.F. | Debit Amount (Rs) | Credit Amount (Rs) | |
Land A/c | Dr. | 20,00,000 | |||
To JSS Ltd. A/c | 20,00,000 | ||||
(Land purchased from JSS Ltd.) | |||||
(i) | JSS Ltd. A/c | Dr. | 10,00,000 | ||
To Bank | 10,00,000 | ||||
(Being partially payment made.) | |||||
(ii) | JSS Ltd. A/c | Dr. | 500,000 | ||
To Bills Payable A/c | 5,00,000 | ||||
(Being bills of exchange issued.) | |||||
(iii) | JSS Ltd A/c | Dr. | 5,00,000 | ||
Loss on Issue of Debentures A/c | Dr. | 50,000 | |||
To 9% Debentures A/c | 5,00,000 | ||||
To Premium on Redemption of Debentures A/c | 50,000 | ||||
(JSS Ltd. Issued 9% Debentures of Rs 100 each at a premium of 10%) |