Anita Co., Ltd. was formed for taking over the business of Mr. Ganapathi. The purchase consideration was
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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.
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To record the formation of Anita Co Ltd and the takeover of Mr Ganapathis business you would ne...View the full answer
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