Question :
Akshit Ltd. purchased machinery of from Perfect Machines Ltd. and paid as follows:
(a) Issued 10,000 Equity shares of Rs. 10 each at a premium of Rs. 3;
(b) Issued an acceptance of Rs. 1,00,000 payable after 3 months; and
(c) Balance by issuing post-dated cheque of two months of Rs. 2,00,000
Amount will be paid to Perfect Machines Ltd. is
Option 1: Rs. 4,50,000
Option 2: Rs. 4,30,000
Option 3: Rs. 1,00,000.
Option 4: None of these
Correct Answer: Rs. 4,30,000
Solution : Answer = Rs.4,30,000
Date
Particulars
L.F.
Dr. ( Rs.)
Cr. ( Rs.)
Machinery A/c
...Dr.
4,30,000
To Perfect Machines Ltd.
(Purchase of machinery from Perfect Machines Ltd.)
Perfect Machines Ltd.
To Share Capital A/c
1,00,000
To Securities Premium Reserve A/c
30,000
To Bills Payable A/c
To Bank A/c
2,00,000
(Payment made to Perfect Machines Ltd. by issue of shares, Bill Payable and cheque)
(b) Issued an acceptance of Rs. 1,00,000 payable after 3
Y Ltd., purchased plant and machinery for Rs.2,00,000 from Z Ltd. 20% of the amount was paid by Y Ltd. by accepting a bill of exchange in favour of Z Ltd. and the balance was paid by issuing 6% debentures of Rs. 1,000 each at a
Y Ltd., purchased plant and machinery for Rs.2,00,000 from Z Ltd. 20% of the amount was paid by Y Ltd. by accepting a bill of exchange in favour of Z Ltd. and the balance was paid by issuing 6% debentures of Rs. 1,000 each at a premium of
Dilate Ltd. issued 10,000, 6% Debentures of Rs. 100 each at a discount of Rs. 10. It will credit 6% of Debentures Account by
Working Capital Rs.45,000; Total Debt Rs. 1,00,000 and Long-term Debt Rs.70,000.
The value of Current liabilities are ________.
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