Bansal Heavy Machine Ltd Purchased Machine Worth Rs 3,20,000 From Handa Trader

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10. Bansal Heavy machine Ltd purchased machine worth Rs 3,20,000 from Handa Trader. Payment was made as Rs 50,000 cash and remaining amount by issue of equity share of the face value of Rs 100 each fully paid at an issue price of Rs 90 each.

Give journal entries to record the above transaction.




Books of Bansal Heavy machine Ltd

Journal

DateParticularsL.F
Amount
(Dr.)
Amount
(Cr.)
Machinery A/c3,20,000
   To Cash A/c50,000
   To Handa Traders A/c2,70,000
(Machinery purchased from Handa Traders of Rs 3,20,000)
Handa Traders A/c2,79,000
Discount on Issued share A/c30,000
   To share Capital A/c3,00,000
(3,000 share issued at Rs 90 face value of Rs 100 each to Handa Traders

Chapter-1 Accounting for Share Capital-II


Location: India

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