Balance Sheet of X Ltd. [Extract] as at 31.03.2012
| Liabilities | Rs. |
| 12% Debentures | 1,00,000 |
Adjustment :-
The issue of such an amount of fully paid 14% debentures in Y Ltd. at 96% as is sufficient to discharge 12% Debentures in X Ltd. at a Premium of 20% .
What should be the Treatment and Journal Entry ???
[ Source : CA. Dr. PC Tulsian CA IPCC Groupt 1 Accounting Book (2012) , Chapter 5 Amalgamtion Illustration no.5 point no. (c), pg no. 5.22 ]
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