Please answer 11th question for 50 points

1.	Please answer 11th question for 50 points
Answer» answer for 11 question journal entries when shares issued at par 1) plant and machinery A/c Dr 24,00,000 To X LTD 24,00,000 (being purchased plant and machinery and paid in consideration of equity shares ) 2)X Ltd A/c Dr 24,00,000 To equity share capital 24,00,000 (being 24000 equity shares of 100 rs each issued at par ) when shares issues at premium 1) plant and machinery A/c Dr 24,00,000 To X ltd A/c 24,00,000 (being purchased plant and machinery and paid in consideration of equity shares ) 2) X Ltd A/c Dr 2400000 To securities premium A/c 4,00,000 To Equity share capital A/c 20,00,000 (being 20000 equity shares of 100 rs each issued at premium at 20% ) working note : calculation for shares issued at premium no of shares issued = AMOUNT payable / issue price =2400000/120 =20000 securities premium = 2000020 =4,00,000 equity share = 20000100 =20,00,000 Hope its useful ..!!!

Answer»

answer for 11 question

journal entries

when shares issued at par

1) plant and machinery A/c Dr 24,00,000

To X LTD 24,00,000

(being purchased plant and machinery and paid in consideration of equity shares )

2)X Ltd A/c Dr 24,00,000

To equity share capital 24,00,000

(being 24000 equity shares of 100 rs each issued at par )

when shares issues at premium

1) plant and machinery A/c Dr 24,00,000

To X ltd A/c 24,00,000

(being purchased plant and machinery and paid in consideration of equity shares )

2) X Ltd A/c Dr 2400000

To securities premium A/c 4,00,000

To Equity share capital A/c 20,00,000

(being 20000 equity shares of 100 rs each issued at premium at 20% )

working note :

calculation for shares issued at premium

no of shares issued = AMOUNT payable / issue price

=2400000/120

=20000

securities premium = 20000*20

=4,00,000

equity share = 20000*100

=20,00,000

Hope its useful ..!!!

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