Ajay & Co. Ltd. was incorporated to acquire the business of Vivek whose balance sheet was as follows:
| Liabilities Don't use plagiarized sources. Get Your Custom Essay on the company purchased buildings worth rs 4 80 000 pass journal entries in the books 618269 Get an essay WRITTEN FOR YOU, Plagiarism free, and by an EXPERT! Just from $10/Page | Assets | ||
| Creditors | 24,000 | Land | 1,44,000 |
| Capital | 4,80,000 | Furniture | 30,000 |
| Stock | 2,34,000 | ||
| Debtors | 54,000 | ||
| Bank | 42,000 | ||
| 5,04,000 | 5,04,000 |
The purchase consideration was agreed at Rs.6,00,000 which was to be paid as:
The company raised further capital by issue of 45,000 equity shares of Rs.20 each payable 10 on application and Rs.10 on allotment. After receipt of all the money for shares issued, the company purchased buildings worth Rs.4,80,000. Pass journal entries in the books of the company and prepare the balance sheet.
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