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Journal
Date Particulars L.F. Debit
Amount
(Rs)
Credit
Amount
(Rs)
Assets A/c Dr. 2,50,000
Goodwill A/c (Balancing Figure) Dr. 1,10,000
To Liabilities A/c
30,000
To Goneby Co.
3,30,000
(Purchase of Assets and Liabilities of Goneby Ltd.)
Goneby Co. Dr. 3,30,000
To _% Debentures A/c
3,00,000
To Securities Premium A/c
30,000
(Issue of debentures at 10% premium)

Working Notes: Calculation of Number of Debentures issued
No. of debentures issued = Purchase ConsiderationIssue Price of Debentures=3,30,000 110=3,000


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