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Querist : Anonymous (Querist)
18 November 2010 Q 1. A co. issued 1,500 fully paid up equity shares of Rs. 100 each 4 d purchase of d followin assets n liabilities:
Plant Rs. 35,000; Stock Rs. 45,000
Land n building Rs. 60,000; creditors Rs. 10,000. What entry is passed.

Q2. In current year (ending on 31.12.2009) receipts n payments a/c Rs. 40 is paid taxes.
Adjustments: Taxes amounting to Rs. 40 per year have been paid upto 31st march, 2010.
is dere b any last year's prepaid taxes.
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
20 November 2010 Q 1

Plant DR 35000
Stock Dr 45000
L&B DR 60000
Crs DR 10000

To Share Capital A/c 150000

You may first Credit the A/cs of Creditors and Debit the respective assets a/cs.

Then Pass the following entries

Crs A/c Dr xxxx
To Share Capital A/c xxxx
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