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Sure Ltd. purchased a running business f...

Sure Ltd. purchased a running business from M/s. Rai Brothers for a sum of Rs. 15,00,000 payable Rs. 12,00,000 in fully paid shares of Rs. 10 each and balance through cheque.
The assets and liabilities consisted of the following:
`{:("Plant and Machinery ","Rs. 4,00,000","Stock","Rs. 4,00,000"),("Building","Rs. 4,00,000","Cash","Rs. 3,00,000"),("Sundry Debtors","Rs. 3,00,000","Sundry Creditors","Rs. 2,00,000"),(,,,):}`
You are required to pass necessary Journal entries in the company's books.

Text Solution

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The correct Answer is:
Capital Reserve-Rs. 1,00,000.
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