Q 80 DK Goel Issue of Shares Solutions Class 12 CBSE (2024-25)

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Solution of Question number 80 of Accounting for Companies Issue of shares chapter 6 of DK Goel Class 12 CBSE (2024-25)

Pass necessary journal entries for the following transactions in the books of Gopal Ltd.:

(i) Purchased furniture for ₹ 2,50,000 from M/s Furniture Mart. The payment to M/s Furniture Mart was made by issuing equity shares of ₹ 10 each at a premium of 25%.

(ii) Vanya Ltd. purchased a running business from Hardik Ltd. for a sum of ₹ 18,00,000. the payment of ₹ 10,00,000 was made by issue of equity shares of ₹ 10 each and balance by a cheque. The assets and liabilities acquired from Hardik Ltd. consisted the following:

Machinery9,00,000
Land and Building13,50,000
Furniture8,50,000
Sundry Creditors3,00,000

[Ans. (i) Number of Shares issued 20,000 (ii) Capital Reserve ₹ 10,00,000.]

Solution (1):-

Solution (ii):-

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