Journal entry
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 April 2014
How will be pass this entry in tally??
Acquire the running business of max, for cash
₹ 50,000 by taking over a following assets and liabilities at value of stock against them:
stock of goods ₹ 15,000
cash ₹ 25,000
furniture ₹ 10,000
debtor ₹ 7,000
machinery ₹ 8,000
creditor ₹ 15,000
Acquire the running business of max, for cash
₹ 50,000 by taking over a following assets and liabilities at value of stock against them:
stock of goods ₹ 15,000
cash ₹ 25,000
furniture ₹ 10,000
debtor ₹ 7,000
machinery ₹ 8,000
creditor ₹ 15,000
19 April 2014
Entry 1.Entry for purchasing of business of
max
Business Purchase A/c/ Dr. Rs. 50
To Mr. Max Ac/ Cr Rs. 50
Entry 2. To incorporate Assets and
liabilities and pay off Mr Max
Respective Assets A/c Dr Rs. 65
Mr. Max A/c Dr Rs. 50
To Resp Liabilities Cr Rs. 15
To Bank /Cash A/c Cr Rs. 50
To Business Purch. Cr Rs. 50
max
Business Purchase A/c/ Dr. Rs. 50
To Mr. Max Ac/ Cr Rs. 50
Entry 2. To incorporate Assets and
liabilities and pay off Mr Max
Respective Assets A/c Dr Rs. 65
Mr. Max A/c Dr Rs. 50
To Resp Liabilities Cr Rs. 15
To Bank /Cash A/c Cr Rs. 50
To Business Purch. Cr Rs. 50
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CG Tax On residential property
- Post Office RD Interest
- Applicable TDS for Purchase of Flat from NRI
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- Eway bill for machinery reparing
- Gift of mutual fund units to daughter
- ITR 3 FILING OF AN INDIVIDUAL (PARTNER IN A PARTNERSHIP fIRM)
- Annual return of gst limit
- Reporting of STCG on Property in ITR
- Form 10BD Filling
- Not able to file ITR
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
