Q Mohit ltd took over assets of Rs 8,40,000 and liabilities of Rs 80,000 of Ram Ltd - Accountancy - Accounting for Share Capital

Question

Q Mohit ltd took over assets of Rs 8,40,000 and liabilities of Rs
80,000
of Ram Ltd at agreed value of Rs 7,20,000 Mohit ltd paid to Ram ltd
by issuing of debentures of Rs 100 each at a premium of 20%
Pass neæssary journal entries

Q On 1st Apri, 2012 Micro-tech Ltd was formed with an authorised
capital of Rs 50,00,000 divided into 5,00,000 equity shares of Rs
10 each The company issued prospectus inviting applications for
4,50,000 equity shares The company received applications for
4,20,000 equity shares During the first year, Rs 8 per share
were
æned Trilok holding 1,000 shares and Rajesh holding 2,000
shares
did not pay the first call of Rs 2 per share Rajesh's shares
were
forfeited after the first call and later on 1,500 of the forfeited
shares were re—issued at Rs 6 per share, Rs 8 called up Show
the following:
(a) Share Capital in tie Balance Sheet of the company as per
revised Schedule III of Company Act 2013
(b) Also prepare 'Notes to Accounts' for the same

Q â€‹A and B are sharing profits & losses
equally They admit C, who is specially abled into partnership to
raise his standard of living C paid only Rs 60,000 for premium out
of his share of premium of Rs 1, 08,000 for 1/4th share in profit
Goodwill account appears in the books at Rs 3,00,000 All the
partners have decided that goodwill should not appear in the new
firm's books Half of the premium is withdrawn by the partners Give
the necessary journal entries Also state any one value

Neha Chopra · Accepted Answer

Dear Student

Q 1
Ans

Journal in the books of Mohit Ltd

Date
Particulars

Debit
Credit

Business Purchase A/c
Dr
720,000

To Ram Ltd A/c

720,000

(Being purchase consideration due)

Assets A/c
Dr
840,000

To Liabilities A/c

80,000

To Business Purchase A/c

720,000

To Capital Reserve A/c

40,000

(Being assets and liabilities incorporated
in our books difference is adjusted in capital reserve)

Ram Ltd A/c
Dr
720,000

To Debenture A/c (7,20,000 / 120) x
100

600,000

To Securities Preimum A/c (7,20,000 / 120)
x 20

120,000

(Being purchase consideration paid by
issuing 6,000 debentures (7,20,000 / 120) of Rs 100 at a permium of
20 Rs)

Please ask the next question in the different thread

Regards

Journal in the books of Mohit Ltd.
Date	Particulars		Debit	Credit
	Business Purchase A/c	Dr.	720,000
	To Ram Ltd A/c			720,000
	(Being purchase consideration due)

	Assets A/c	Dr.	840,000
	To Liabilities A/c			80,000
	To Business Purchase A/c			720,000
	To Capital Reserve A/c			40,000
	(Being assets and liabilities incorporated in our books difference is adjusted in capital reserve)

	Ram Ltd A/c	Dr.	720,000
	To Debenture A/c (7,20,000 / 120) x 100			600,000
	To Securities Preimum A/c (7,20,000 / 120) x 20			120,000
	(Being purchase consideration paid by issuing 6,000 debentures (7,20,000 / 120) of Rs 100 at a permium of 20 Rs)