Question :
Pranjal Ltd. purchased a running business from Vaibhav Ltd. for a sum of Rs. 2,50,000 payable as Rs. 2,30,000 in fully paid equity shares of Rs. 10 each and balance by bills payable. The assets and liabilities consisted of the following:
Plant and Machinery Rs. 90,000; Building Rs. 90,000; Sundry Debtors Rs. 30,000; Stock Rs. 50,000; Cash Rs. 20,000; Sundry Creditors Rs. 20,000.
Question:- How many shares will be issued by the company?
Option 1: 23,000 equity shares
Option 2: 20,000 equity shares
Option 3: 25,000 equity shares
Option 4: None of these
Correct Answer: 23,000 equity shares
Solution : Answer = 23,000 equity shares
JOURNAL
Date
Particulars
L.F.
Dr.( Rs.)
Cr.( Rs.)
Plant and Machinery A/c ...Dr.
Building A/c ...Dr.
Sundry Debtors A/c ...Dr.
Stock A/c ...Dr.
Cash A/c ...Dr.
90.000
30.000
50.000
20.000
To Sundry Creditors A/c
To Vaibhav Ltd.
To Capital Reserve A/c (Balancing Figure)
20,000
2,50,000
10,000
(Business of Vikas Ltd. purchased)
Vikas Ltd. ...Dr.
To Equity Share Capital A/c
To Bills Payable A/c
2,30,000
(Purchase consideration paid to Vikas Ltd. by issue of 23,000 Equity Shares of Rs. 10 each and balance by bills payable)
Number of shares = Purchase consideration/Issue Price = Rs.2,30,000/Rs.10 = 23,000. Hence, the correct option is 1.
Question : Relationship between two figures, expressed in arithmetical terms is called -------
Option 1: Percentage
Option 2: Ratio
Option 3: Ratio analysis
Option 4: None of the above
Question : Which year marked the third general election in India?
Option 1: 1952
Option 2: 1957
Option 3: 1962
Option 4: 1967
Question : ---------------may be expressed as an arithmetical relationship between two accounting variables.
Option 1: Ratio
Option 2: Accounting ratio
Option 3: Ratio Analysis
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