plz rply these questions

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pankaj kumar (Querist)

18 November 2010 Plz read the questions carefully.
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.

CA.Madhusudan B.P.

CA.Madhusudan B.P. (Expert)

18 November 2010 1. Dr Plant Rs.35000
Dr Stock Rs.45000
Dr L&B Rs.60000
Dr Goodwill 20000
Cr Creditors Rs10000
Cr Paid up sh Cap Rs.150000
2.Coundnot understand the Q?

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pankaj kumar

pankaj kumar (Querist)

19 November 2010 thnx sir. Actually i teach accountancy upto graduation. but i confused in above Questions.
i hv still doubt.
is goodwill correct.......sir.
but the company is not purchasing business.. not amalgamating. it is just a case of issue of shares for consideration other than cash.

dere is same Q:
A co. purchased machinery for Rs. 4,00,000 and Rs. 1,00,000 paid by cheque and balance by issue of shares of Rs. 3,30,000. wht wuld b answer sir?
sir i m not judging u just hv doubts.

D 2nd Question was:
During current year (ending on 31.12.2009) receipts n payments a/c shows Rs. 40 as taxes paid.

outside rec n payments a/c an adjustment is given:
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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