53. On 1.1.20 X Ltd. purchased fixed assets worth 2,50,000 for a consi

1.	53. On 1.1.20 X Ltd. purchased fixed assets worth 2,50,000 for a consideration of * 2,30,000 payable by theissue of 20,000 fully paid equity shares of 10 each at a premium of 15%. After 6 months X Ltd. sold theabove fixed assets for * 3,20,000.Show the Journal entries and prepare the Reserve Account, if any.
Answer» 1.1.20 X LTD. purchased fixed assets worth 2,50,000 for a CONSIDERATION of * 2,30,000 payable by the issue of 20,000 fully paid equity shares of 10 each at a premium of 15%. After 6 MONTHS X Ltd. sold the above fixed assets for * 3,20,000.

53. On 1.1.20 X Ltd. purchased fixed assets worth 2,50,000 for a consideration of * 2,30,000 payable by theissue of 20,000 fully paid equity shares of 10 each at a premium of 15%. After 6 months X Ltd. sold theabove fixed assets for * 3,20,000.Show the Journal entries and prepare the Reserve Account, if any.

Answer»

1.1.20 X LTD. purchased fixed assets worth 2,50,000 for a CONSIDERATION of * 2,30,000 payable by the

issue of 20,000 fully paid equity shares of 10 each at a premium of 15%. After 6 MONTHS X Ltd. sold the

above fixed assets for * 3,20,000.

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