0

Cola 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 Amithabh 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 Share Capital.

Anurag Pathak Changed status to publish September 12, 2024
Add a Comment