A company took loan of ₹ 4,00,000 from Bandhan Bank Ltd. and issued 8% Debentures of ₹ 4,00,000 as a collateral security
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Star Ltd. took over the assets of ₹ 6,60,000 and liabilities of ₹ 80,000 of Moon Ltd. for ₹ 6,00,000. Give necessary Journal entries in the books of Star Ltd. if:
Solution:-
Bright Ltd. took over the assets of ₹ 6,60,000 and liabilities of ₹ 80,000 of Star Ltd. for an agreed purchase consideration of ₹ 6,00,000 payable 10% in cash and the balance by the issue of 12% Debentures of ₹ 100 each
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Grown Ltd. issued 500, 10% Debentures of ₹ 1,000 each credited as fully paid-up to the promoters for their services to incorporate the company
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Anthony Ltd. issued 20,000, 9% Debentures of ₹ 100 each at 10% discount to Mithoo Ltd
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Green Ltd. purchased the assets of Strong Ltd. for ₹ 40,00,000 and took over liabilities of ₹ 7,00,000 for ₹ 32,40,000
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Rama Ltd. took over following assets and liabilities of Krishna Ltd. on 1s April, 2019:
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Exe Ltd. purchased assets of the book value ₹ 4,00,000 and took over the liabilities of ₹ 50,000 from Mohan Bros
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Romi Ltd. acquired assets of ₹ 20 lakh and took over creditors of ₹ 2 lakh from Kapil Enterprises. Romi Ltd. issued 8% Debentures of ₹ 100 each at a discount of 10% as purchase consideration
Solution:-
Reliance Ltd. purchased machinery costing ₹ 1,35,000. It was agreed that the purchase consideration be paid by issuing 9% Debentures of ₹ 100 each
Solution:- Case II