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Question 26 Chapter 8 of Class 11 Unimax Publications

Question 26 Chapter 8 of Class 11 Unimax Publications

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Question 26 Chapter 8 of Class 11 Unimax Publications

26. Shri Sagar Raina purchased a running business on 1St April, 2020 at an agreed value of 10,00,000. Following are the assets and liabilities taken over.
Land and Building 4,00,000; Plant and Machinery 4,50,000; Furniture and Fixtures 1,50,000; Stock 3,50,000; Sundry Debtors 3,00,000; Sundry Creditors 2,50,000; Bills Payable 1,00,000; Bank Loan 3,00,000.
Pass Journal entry to record the transactions.

The solution of Question 26 Chapter 8 of Class 11 Unimax Publications

Journal

Date  Particulars L.F.DebitCredit
2020     
Mar. 31Land and Building A/cDr. 4,00,000 
 Plant and Machinery A/cDr. 4,50,000 
 Furniture and Fixtures A/cDr. 1,50,000 
 Stock A/cDr. 3,50,000 
 Sundry Debtors A/cDr. 3,00,000 
 To Sundry Creditors A/c   2,50,000
 To Bills Payable A/c   1,00,000
 To Bank Loan A/c   3,00,000
 To Capital A/c   10,00,000
 (Being the different assets and liabilities taken over against a purchase consideration of 10,00,000)    

End of Solution


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Question 6 Chapter 8 – of Class 11 Unimax Publications

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Question 18 Chapter 8 of Class 11 Unimax Publications

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If you’re a student enrolled in the Punjab School Education Board Class 11, it’s essential to explore a wide range of books to cover the syllabus thoroughly. While the prescribed textbooks are undoubtedly valuable, supplementing your studies with additional resources can enhance your understanding and knowledge. Consider checking out other books that align with the curriculum, offering different perspectives and insights on the subjects you’re studying. These supplementary materials can provide you with alternative explanations, practice questions, and examples that may aid in clarifying complex concepts. Moreover, exploring diverse sources can expose you to a variety of writing styles and viewpoints, fostering a broader understanding of the subjects. So, seize the opportunity to expand your learning by delving into other books that can complement your studies and contribute to your academic growth.

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