Anita Co., Ltd. was formed for taking over the business of Mr. Ganapathi. The purchase consideration was
Question:
Anita Co., Ltd. was formed for taking over the business of Mr. Ganapathi. The purchase consideration was ₹1,92,000 which will be settled by issue of 960 shares of ₹100 each at a discount of 5% and balance in cash. Assets taken over were ₹2,10,000 and Liabilities taken over were ₹30,000. Give journal entries in the books of Anita Co. Ltd.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (3 reviews)
To record the formation of Anita Co Ltd and the takeover of Mr Ganapathis business you would ne...View the full answer
Answered By
User l_998468
I have extensive tutoring experience, having worked as a private tutor for over three years. I have tutored students from different academic levels, including high school, undergraduate, and graduate levels. My tutoring experience has taught me to be patient, attentive to student needs, and effective in communicating difficult concepts in simple terms.
I have a strong background in statistics, probability theory, data analysis, and data visualization. I am proficient in using statistical software such as R, Python, and SPSS, which are commonly used in academic research and data analysis. Additionally, I have excellent communication and interpersonal skills, which enable me to establish rapport with students, understand their learning styles, and adapt my teaching approach to meet their needs.
I am passionate about teaching and helping students achieve their academic goals.
0.00
0 Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
-
The directors of Esplan Ltd have agreed to take over the business owned by Rakesh on 1. March 2015. Rakesh plans to retire. Both businesses operate as retailers of electrical goods. The summarised...
-
A company was incorporated on 1st July, 2016 to take over the business of Mr M as and from 1st April, 2016. Mr Ms Balance Sheet as at that date was as under: Debtors and Bank balances are to be...
-
A bond currently has a price of $940. The current yield to maturity on the bond is 7%. If the yield decreases by 20 basis points, the price of the bond will go up to $960. Based on this information,...
-
Ivan and Olga own a duplex. They collect the rents and make repairs to the property when necessary. That is, they are active participants in the rental property. During the current year, the duplex...
-
Condensed statement of financial position and comprehensive income statement data for Clack Ltd. follow: Additional information: 1. The allowance for doubtful accounts was $4,000 in 2014 and $5,000...
-
Refer to Exhibit 1, which shows the segment information of Goodyear Tire & Rubber Company. In what business segments does Goodyear operate? What is the relative size of its business segments in terms...
-
Zero Calories Company has 16,000 shares of cumulative preferred 1% stock, $40 par and 80,000 shares of $150 par common stock . The following amounts were distributed as dividends: Year 1....$ 21,600...
-
Determine all critical points for the function. 11) f(x) = 45x3 - 3x5 11) Graph the equation. Include the coordinates of any local extreme points and inflection points. Show all work. 12) y = 2x3 -...
-
How do you determine capital reserve?
-
____________ assets are not taken over by the purchasing company.
-
The chair of the accounting department plans to develop a regression model to predict the grade point average in accounting for those students who are graduating and have completed the accounting...
-
Direct labor-hours Estimated Data Manufacturing overhead Direct labor-hours Machine-hours Job A Machine-hours Machining $ 4,212,000 Assembly $ 324,000 18,000 234,000 234,000 13,000 Machining Assembly...
-
Why don't governments like private issues of money, or even foreign currency, being used in their countries, and try to monopolise the issue of domestic money?
-
Prepare the journal entries for the following transactions: June 1 4 - Sold 6 units of inventory to Phil Connors. The sales price was $ 6 0 per unit and the cost of the units was $ 4 0 per unit. The...
-
Innovative Technologies Inc. assembles circuit boards by using a manually operated machine to insert electronic components. The original cost of the machine is $ 7 5 , 0 0 0 , the accumulated...
-
How is finance disrupted with this ecosystem? Explain briefly
-
Ryan and colleagues (1998) conducted a study to examine whether sixthgrade students' tendency to avoid seeking help in the classroom was related to student and classroom characteristics. The...
-
At 31 December 20X9, the end of the annual reporting period, the accounts of Huron Company showed the following: a. Sales revenue for 20X9, $ 2,950,000, of which one- quarter was on credit. b....
-
A companys Balance Sheet as at 31.12.2014 included: Equity Shares of * 5 each, fully paid Cash at Bank The following then took place : 2015 February A one-for-two rights issue of equity shares of * 5...
-
A companys share capital consists of 1,50,000 equity shares of 5 each. It makes a rights issue of 1 equity shares for every 3 already held at 12 per share. It then makes a bonus issue of 1 equity...
-
Which statement about bonus share is true ? A. They may be issued as repayment of debentures B. They may be issued at a premium C. They may be issued to the holders of preference shares D. They may...
-
The stockholders' equity accounts of Concord Corporation on January 1 , 2 0 2 5 , were as follows. \ table [ [ Preferred Stock ( 7 % , $ 1 0 0 par noncumulative, 7 , 0 0 0 shares authorized ) , $ 4 2...
-
PLEASE help me and have it correct The comparative income statement of Norman Music Co . for the years ended December 3 1 , 2 0 2 1 and 2 0 2 0 is as follows: ( Click the icon to view the comparative...
-
Identifying product and period cost classifications for a manufacturer: Manufacturing Cost Classifications Product vs . DM , DL , or period O H \ table [ [ Wages for assembly line workers,, ] , [...
Study smarter with the SolutionInn App