Question : Guun  Limited purchased a running business from Vani Limited for a sum of Rs.25,00,000, payable Rs.4,00,000 by cheque and for the balance issued 8% Debentures of Rs.100 each at 5% premium.
The assets and liabilities consisted of the following :
Land and Buildings Rs.9,00,000     Plant and Machinery Rs.8,00,000
Patents Rs.40,000                                Sundry Debtors    Rs.7,00,000
Stock Rs.5,00,000                           Sundry Creditors       Rs.1,20,000

Question:- Balance  of Rs 3,20,000 will be




 

Option 1: Debited to capital reserve account 
 

Option 2: Credited to securities premium account 
 

Option 3: Credited to capital reserve account 

Option 4: Credited to general reserve account 
 

Question : Guun  Limited purchased a running business from Vani Limited for a sum of Rs.25,00,000, payable Rs.4,00,000 by cheque and for the balance issued 8% Debentures of Rs.100 each at 5% premium.
The assets and liabilities consisted of the following :
Land and Buildings Rs.9,00,000     Plant and Machinery Rs.8,00,000
Patents Rs.40,000                                Sundry Debtors    Rs.7,00,000
Stock Rs.5,00,000                           Sundry Creditors       Rs.1,20,000

Question:- Balance  of Rs 3,20,000 will be




 

Option 1: Debited to capital reserve account 
 

Option 2: Credited to securities premium account 
 

Option 3: Credited to capital reserve account 

Option 4: Credited to general reserve account 
 

Question : Guun  Limited purchased a running business from Vani Limited for a sum of Rs.25,00,000, payable Rs.4,00,000 by cheque and for the balance issued 8% Debentures of Rs.100 each at 5% premium.
The assets and liabilities consisted of the following :
Land and Buildings 9,00,000     Plant and Machinery 8,00,000
Patents 40,000                           Sundry Debtors 7,00,000
Stock 5,00,000                            Sundry Creditors 1,20,000

Question:- Number  Of debenture issued is 

Option 1: 20,000

Option 2: 32,000
 

Option 3: 40,000

Option 4: 21,000

Question : Guun  Limited purchased a running business from Vani Limited for a sum of Rs.25,00,000, payable Rs.4,00,000 by cheque and for the balance issued 8% Debentures of Rs.100 each at 5% premium.
The assets and liabilities consisted of the following :
Land and Buildings 9,00,000     Plant and Machinery 8,00,000
Patents 40,000                           Sundry Debtors 7,00,000
Stock 5,00,000                            Sundry Creditors 1,20,000

Question:- Number  Of debenture issued is 

Option 1: 20,000

Option 2: 32,000
 

Option 3: 40,000

Option 4: 21,000

Question : Y Ltd. purchased assets of Rs. 8,00,000 and liabilities of Rs. 1.00,000 from X Ltd. on 1.4.2018. Rs. 2,00,000 were paid immediately and the balance was paid by issue of Rs. 4,75,000, 10% debentures in Y Ltd __________ account will be _______ with __________.

Option 1: Capital reserve, credited, Rs. 25,000
 

Option 2: Goodwill, debited, Rs. 75,000
 

Option 3: Rs. 4,75,000 and Securities Premium, credited, Rs. 25,000

Option 4:  Rs. 5,00,000 debentures and Securities Premium credited Rs. 25,000
 

Question : X Ltd. took over assets of Rs.5,00,000 and liabilities of Rs.1,00,000 of   another company at an agreed price of Rs.3,80,000. The purchase consideration was discharged by issuing debentures of Rs. 100 each at a discount of 10%. It was agreed that any fraction of the debenture be paid in cash.

Question:- Balance of Rs.20,000 will be 

Option 1: Debited to goodwill Account
 

Option 2: Debited to capital reserve account 

Option 3: Credited to securities account 
 

Option 4: Credited to Capital Reserve account