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KV 1st Worksheet of Shares

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66 views

KV 1st Worksheet of Shares

Uploaded by

arnavgoel227
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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ISSUE OF SHARE WORKSHEET 1ST

ISSUE OF SHARE CONSIDER OTHER THAN CASH


PRACTICE WORKSHEET BY KV SIR

Q1:- Pass necessary journal entries for the following transactions in the Books of Rajan Ltd.
i. Rajan Ltd. purchased machinery of Rs. 7,20,000 from Kundan Ltd. The payment was made to Kundan Ltd. by
issue of equity shares of Rs. 100 each at 20% Premium.
ii. Rajan Ltd. purchased a running business from Vikas Ltd. for a sum of Rs. 2,50,000 payable as Rs. 2,20,000 in
fully paid equity shares of Rs.10 each and balance by a bank draft. The assets and liabilities consisted of the
following:
Plant & Machinery Rs, 90,000; Buildings Rs, 90,000;
Sundry Debtors Rs. 30,000; Stock Rs. 50,000; Cash Rs. 20,000;
Sundry Creditors Rs. 20,000
Q2:- K Ltd took over the assets of Rs. 15,00,000 and liabilities of Rs. 5,00,000 of P Ltd for a purchase consideration of
Rs. 13,68,500. Rs. 25,500 were paid by issuing a promissory note in favour of P Ltd payable after two months and the balance was
paid by issue of equity shares of Rs. 100 each at a premium of 25%. Pass necessary journal entries for the above transactions in
the books of K Ltd.

Q3:- Sandesh Ltd took over the assets of ₹ 7,00,000 and liabilities of ₹ 2,00,000 from Sanchar Ltd for a purchase consideration of
₹ 4,59,500, ₹ 8,500 were paid by accepting a draft in favour of Sanchar Ltd. payable after three months and the balance was paid
by issue of equity shares of ₹ 10 each at a premium of 10% in favour of Sanchar Ltd.
Pass necessary journal entries for the above transactions in the books of Sandesh Ltd.

Q4:- Rajan Ltd purchased a running business from Vikas Ltd for a sum of ₹ 2,50,000 payable as ₹ 2,20,000 in fully paid equity
shares of ₹ 10 each and balance by a bank draft. The assets and liabilities consisted of the following.
Plant and machinery ₹ 90,000; Building ₹ 90,000; Sundry Debtors ₹ 30,000; Stock ₹ 50,000; Cash ₹ 20,000; Sundry Creditors
₹ 20,000.

Q5:- Ltd, Rs. 1,00,000 were paid by drawing a promissory note in favour of Ravindram Ltd. The balance was paid by issue of equity
shares of Rs. 10 each at a premium of 25%. Pass journal entries in the books of Sundram Ltd.

Q6:- Z Ltd purchased furniture costing ₹ 2,20,000 from CD Ltd. The payment was to be made by issuing of 9% preference share of
₹ 100 each at a premium of ₹ 10 per share. Pass necessary journal entries in the books of Z Ltd

Q7:- Goodluck Ltd purchased machinery costing ₹ 10,00,000 from Fair Deals Ltd. The company paid the price by issue of Equity
Shares of ₹ 10 each at a premium of 25%. Pass necessary Journal entries for the above transactions in the books of Goodluck Ltd.

Q8:- Jain Ltd purchased machinery costing ₹ 10,00,000 from Ayer Ltd. 50% of the payment was made by cheque and for the
remaining 50%, the company issued Equity Shares of ₹ 100 each at a premium of 25%.
Pass necessary Journal entries in the books of Jain Ltd. for the above transaction.

Q9:- Rohit Ltd. Purchased assets from Rohan & co. for Rs. 3,50,000. A sum of Rs. 75,000 was paid by the means of a bank draft
and for the balance due, Rohit Ltd. Issued Equity shares of Rs. 100 each at a premium of 10%. Journalise the above transaction in
the books of the company

Q10:- Pioneer Fitness Ltd. took over the running business of Healthy World Ltd. having assets of ₹ 10,00,000 and liabilities of ₹ 1,70,000 by:
a. Issuing 8,000 Equity Share ₹ 100 each at 5% premium and
Cheque for ₹ 50,000.
Pass the Journal entries in the books of Pioneer Fitness Ltd

Q11:- Random Ltd. took over running business of Mature Ltd. comprising of Assets of ₹ 45,00,000 and Liabilities of ₹ 6,40,000 for a
purchase consideration of ₹ 36,00,000. The amount was settled by bank draft of ₹ 1,50,000 and balance by issuing 12% preference
shares of ₹ 100 each at 15% premium. Pass entries in the books of Random Ltd.
Q12:- Vayee Ltd. purchased the following assets of E.X. Ltd.: Land and Building of ₹ 60,00,000 at ₹ 84,00,000; Plant and Machinery
of ₹ 40,00,000 at ₹ 36,00,000.
The purchase consideration was ₹ 1,10,00,000 . The payment was made by accepting a Bill of Exchange in favour of E.X. Ltd. of ₹
20,00,000 and remaining by the issue Equity Share of ₹ 100 each at a premium of 20 % Record the necessary journal entries for
the above transactions in the books of Vayee Ltd.

Q13:- Hero Ltd. purchased plant and machinery for ₹ 18,00,000 from Pearl Machines Ltd. payable ₹ 3,00,000 by drawing a
promissory note and the balance by issue of 9% Preference Share of ₹ 100 each at a premium of 20%.
Pass the necessary journal entries in the books of Hero Ltd. for the above transactions.

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