RT Port Ltd was registered with an authorised capital of ₹ 25,00,000 divided into 2,50,000 Equity Shares of ₹ 10 each
RT Port Ltd was registered with an authorised capital of ₹ 25,00,000 divided into 2,50,000 Equity Shares of ₹ 10 each. Anil promoted the company and value of his services was established at ₹ 50,000 to be paid by issue of equity shares at par.
The company acquired running business of Amitabh for a consideration of ₹ 4,80,000 payable by equity shares at a premium of 20%. The assets and liabilities of business taken over are as follows:
| Assets | ₹ | Liabilities | ₹ |
|
Sundry Debtors Stock Furniture Car |
1,50,000 3,00,000 45,000 1,00,000 |
Sundry Creditors | 30,000 |
Pass the Journal entries and prepare the Balance Sheet showing shareholder’s funds.
Anurag Pathak Changed status to publish March 10, 2024
