(i) at par | (ii) at a premium of 25% |
Answer:
JOURNAL
Working Notes 1. Number of Equity Share Issued \[=\frac{1,00,000}{10}=10,000\,Shares\] 2. Number of Equity Issued \[=\frac{1,00,000}{10+250}=8,000\,Shares\] Date Particular LF Amt (Dr) Amt (Cr) Sundry Assets A/c Dr 1,00,000 To Y Ltd 1,00,000 (Being assets purchased from Y Ltd) (i) Y Ltd Dr 1,00,000 To Equity Share Capital A/c 1,00,000 (Being 10,000 share issued to Y Ltd) (ii) Y Ltd Dr 1,00,000 To Equity Share Capital A/c 80,000 To Securities Premium Reserve A/c 20,000 (Being 8,000 shares issued at a premium of 25% to Y Ltd)
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