26 :- Neeraj Ltd. took over business of Ajay Enterprises on 1-04-2020. The details of the agreement regarding the assets and liabilities to be taken over are:
It was decided to pay for purchase consideration as ₹ 7,00,000 through Cheque and balance by issue of 2,00,000, 9% Debentures of ₹ 20 each at a premium of 25%. Journalise.
27 :- Grown Ltd. issued 500, 10% Debentures of ₹ 1,000 each credited as fully paid-up to the promoters for their services to incorporate the company. It also issued 100, 10% Debentures of ₹ 1,000 each credited as fully paid-up to the underwriters towards their commission. Pass the Journal entries.
28 :- Star Ltd. took over the assets of ₹ 6,60,000 and liabilities of ₹ 80,000 of Moon Ltd. for ₹ 6,00,000. Give necessary Journal entries in the books of Star Ltd. if:
Case 1. The purchase consideration was payable 10% in cash and the balance in 5,400; 12% Debentures of ₹ 100 each.
Case 2. The purchase consideration was payable 10% in cash and the balance in 4,500; 12% Debentures of ₹ 100 each issued at 20% premium.
29 :- Bright Ltd. took over the assets of Rs 6,60,000 and liabilities of Rs 80,000 of Star Ltd. for an agreed purchase consideration of Rs 6,00,000 payable 10% in cash and the balance by the issue of 12% Debentures of Rs 100 each. Give necessary Journal entries in the books of Bright Ltd. if:
Case 1: The debentures are issued at par.
Case 2: The debentures are issued at 20% premium.
Case 3: The debentures are issued at 10% discount.