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Gunjan Limited purchased a running business from Vrindavan Limited for a sum of ₹ 25,00,000, payable ₹ 4,00,000 by cheque and for the balance issued 8% Debentures of ₹ 100 each at 5% premium. The assets and liabilities consisted of the following:
Book Value (₹) Agreed Value (₹)
Land and Buildings 5,00,000 9,00,000
Plant and Machinery 10,00,000 8,00,000
Patents 1,00,000 40%
Sundry Debtors 8,00,000 Subject to 5% Provision
Stock 6,00,000 4,40,000
Sundry Creditors 1,20,000 1,20,000
Record necessary journal entries in the books of Gunjan Limited. [Ans. Capital Reserve ₹ 3,20,000; N
Anurag Pathak Answered question November 16, 2024
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