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Journal entry

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Querist : Anonymous

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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
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CA Bhushan Bhagwat Bharambe

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CA Bhushan Bhagwat Bharambe (Expert)
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
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