Question

Question

Answer 1

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
$\text{No. of debentures issued =}\frac{\text{Purchase Consideration}}{\text{Issue Price of Debentures}}=\frac{3,30,000}{110}=3,000$