[CBSE] Q. 40 Solution of Accounting for Share Capital TS Grewal Class 12 (2023-24)

Are you looking for the solution to Question number 40 of the Accounting for Share Capital chapter of TS Grewal Book 2023-24 Edition CBSE Board?

Sandesh Ltd. took over the assets of ₹ 7,00,000 and liabilities of ₹ 2,00,000 from Sanchar Ltd. for a purchase consideration of ₹ 4,59,500. ₹ 8,500 were paid by accepting a draft in favour of Sanchar Ltd. payable after three months and the balance was paid by issue of equity shares of ₹ 10 each at a premium of 10% in favour of Sanchar Ltd.

Pass necessary Journal entries for the above transactions in the books of Sandesh Ltd.

[Ans.: Capital Reserve – ₹ 40,500.]

Solution:-