X Ltd. purchased assets of Y ltd. as under.Plant and Machinery Rs. 8,00,000Land and Building Rs. 72,00,000 The purchase consideration was Rs. 80,00,000. Rs 20,00,000 were paid though cheque and the remaining amount by issue of 6% debentures of Rs. 100 each at a premium of 20%.Pass the necessary Journal entries in the books of X ltd.

X Ltd. purchased assets of Y ltd. as under.Plant and Machinery Rs. 8,00,000Land and Building Rs. 72,00,000 The purchase consideration was Rs. 80,00,000. Rs 20,00,000 were paid though cheque and the remaining amount by issue of 6% debentures of Rs. 100 each at a premium of 20%.Pass the necessary Journal entries in the books of X ltd.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 5EA: Steele Corp. purchases equipment for $25,000. Regarding the purchase, Steele recorded the following...

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