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Sangam Woolens Ltd.,' Ludhiana, are the ...

Sangam Woolens Ltd.,' Ludhiana, are the manfactures and exporters of woollen garments. The company decided to distribute free of cost woollen garments to 10 villages of Lahaul and Spiti District of Himachal Pradesh. The companya also decided to employ 50 young persons from these villages in its newly established factory.The company issued 40 Equity Shares of ₹ 10 each and 1,000, 9% Debentures of ₹ 100 each to the vendor for the purchase of machinery of ₹ 5,00,000.
Pass necessary Journal entries.

Text Solution

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The correct Answer is:
(i) Dr. Machinery A/c and Cr. Vendor's A/c by ₹ 5,00,000;
(ii) Dr. Vendor's A/c by ₹ 5,00,000; Cr. Equity Share Capital A/c by ₹ 4,00,000 and 9% Debentures A/c by ₹ 1,00,000.
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