Romi Ltd. Acquired assets of â‚¹ 20 lakhs and took over creditors of â‚¹ 12 lakhs from Kapil Enterprises. Romi Ltd. Issued 8% Debentures of â‚¹ 100 ea

Question

Romi Ltd. Acquired assets of â‚¹ 20 lakhs and took over creditors of â‚¹ 12 lakhs from Kapil Enterprises. Romi Ltd. Issued 8% Debentures of â‚¹ 100 ea

Romi Ltd. Acquired assets of â‚¹ 20 lakhs and took over creditors of â‚¹ 12 lakhs from Kapil Enterprises. Romi Ltd. Issued 8% Debentures of â‚¹ 100 each at premium of 25% as purchase consideration .
Record necessary Journal entries in the books of Romi Lted.

Monjur Alahi

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2025-01-04 04:42

1 Answers

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Salim Ahmed Kawsar · Accepted Answer · 2023-02-05T15:29:48+06:00

Salim Ahmed Kawsar

Correct Answer - No of Debentures Issued - 14,400.
Difference between the value of assets and liabilities taken over is treated as purchase consideration.

5 views Answered 2023-02-05 15:29