Homework Help is Here – Start Your Trial Now!
Business
Accounting
Joint Stock Company          M/s. Kamal Limited completed the following transactions. Received cash Rs.90,000 by the issuance of 9,500 shares @ Rs.10 each. Purchased Furniture for Rs.90,000 and issued 8,500 shares @ Rs 10 each. Issued 6,000 15% 5 years bonds of Rs.100 each issued at Rs.80 each repayable at par Issued 5,000 8% 7 years TFCs of Rs.100 each issued at Rs.90 each repayable at Rs.138 Required: Give entries in general journal to record the above transactions with narration

Joint Stock Company          M/s. Kamal Limited completed the following transactions. Received cash Rs.90,000 by the issuance of 9,500 shares @ Rs.10 each. Purchased Furniture for Rs.90,000 and issued 8,500 shares @ Rs 10 each. Issued 6,000 15% 5 years bonds of Rs.100 each issued at Rs.80 each repayable at par Issued 5,000 8% 7 years TFCs of Rs.100 each issued at Rs.90 each repayable at Rs.138 Required: Give entries in general journal to record the above transactions with narration

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Joint Stock Company         

M/s. Kamal Limited completed the following transactions.

  1. Received cash Rs.90,000 by the issuance of 9,500 shares @ Rs.10 each.
  2. Purchased Furniture for Rs.90,000 and issued 8,500 shares @ Rs 10 each.
  • Issued 6,000 15% 5 years bonds of Rs.100 each issued at Rs.80 each repayable at par
  1. Issued 5,000 8% 7 years TFCs of Rs.100 each issued at Rs.90 each repayable at Rs.138

Required: Give entries in general journal to record the above transactions with narration

Expert Solution
steps

Step by step

Solved in 2 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Consolidations
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS