M.Ltd. took over assets of Rs 9,00,00,000 and liabilities of Rs 70,00,000 of S.Ltd. and issued 8%Debenture of Rs 100 each. Record necessary entries in the books of M. Ltd.
Books of M.Ltd.
Journal
| Date | Particulars | L.F. | Amount (Dr.) | Amount (Cr.) | |
| Sundry Assets A/c | Dr. | 9,00,00,000 | |||
| To Sundry Liabilities A/c | 70,00,000 | ||||
| To S.Ltd. A/c | 8,30,00,000 | ||||
| ( Being Assets and liabilities of S. Ltd. taken over ) | |||||
| S.Ltd. A/c | Dr. | 8,30,00,000 | |||
| To 8% Debenture A/c | 8,30,00,000 | ||||
| ( Being 8,30,000 8% debenture @ 100 each issued to s Ltd. in consider of asset and liabilities ) | |||||
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