21 :- Gundola Ltd. took over assets of Rs 9,00,000 and liabilities of Rs 3,00,000 from AK Ltd. for an agreed purchase consideration of Rs 14,00,000. The payment was made through a bank draft of Rs 5,00,000 and the remaining by issue of 8% Debentures at a discount of 10%.
Record necessary Journal entries in the books of Gundola Ltd. for the above transactions.
22 :- Exe Ltd. purchased assets of the book value ₹ 4,00,000 and took over the liabilities of Rs 50,000 from Mohan Bros. It was agreed that the purchase consideration, settled at Rs 3,80,000, be paid by issuing debentures of Rs 100 each. Pass Journal entries if debentures are issued: (a) at par, (b) at a discount of 10% and (c) at a premium of 10%. It was agreed that any fraction of debentures be paid in cash.
23 :- Rama Ltd. took over following assets and liabilities of Krishna Ltd. on 1st April, 2019:
Land and Building ₹ 50,00,000
Furniture ₹ 10,00,000
Stock ₹ 5,00,000
Creditors ₹ 7,00,000
The purchase consideration of ₹ 60,00,000 was paid by issuing 12% Debentures of ₹ 100 each at a premium of 20%.
Pass the necessary Journal entries for the above in the books of Rama Ltd.
24 :- Anthony Ltd. issued 20,000, 9% Debentures of ₹ 100 each at 10% discount to Mithoo Ltd. from whom Assets of ₹ 23,50,000 and Liabilities of ₹ 6,00,000 were taken over. Pass entries in the books of Anthony Ltd. If these debentures were to be redeemed at 5% premium.
25 :- Green Ltd. purchased the assets of Strong Ltd. for ₹ 40,00,000 and took over liabilities of ₹ 7,00,000 for ₹ 32,40,000. Payment was made by issuing 10% Debentures of ₹ 100 each at a discount of 10%. Pass the necessary Journal entries in the books of Green Ltd.