Give entries in journal to record each of the following situations separately.Purchased of furniture& fixtures for Rs. 700,000 and issued 74,000 shares @ Rs. 10 each.Purchased Building for Rs. 320000 and issued 30000 shares at Rs. 10 each.The Co. issued 280,000 shares @ Rs. 10 at Rs. 12.5 each on cash.Issued 9,000 11% 7-year debenture of Rs. 100 each issued at Rs. 120 each.Issued 5,000 12% 3-year debenture of Rs. 100 each issued at Rs. 94.5 each.Issued 3,000 10% 5-year debenture of Rs. 100 each repayable at Rs. 125 each.

Part 1) Furniture and fixtures Dr. $700000 Discount on issue of shares Dr. $40000 Common share…

Answered: Give entries in journal to record each…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Give entries in journal to record each of the following situations separately.

Purchased of furniture& fixtures for Rs. 700,000 and issued 74,000 shares @ Rs. 10 each.
Purchased Building for Rs. 320000 and issued 30000 shares at Rs. 10 each.
The Co. issued 280,000 shares @ Rs. 10 at Rs. 12.5 each on cash.
Issued 9,000 11% 7-year debenture of Rs. 100 each issued at Rs. 120 each.
Issued 5,000 12% 3-year debenture of Rs. 100 each issued at Rs. 94.5 each.
Issued 3,000 10% 5-year debenture of Rs. 100 each repayable at Rs. 125 each.

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