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Vimal Ltd. purchased machinery of Rs. 9,...

Vimal Ltd. purchased machinery of Rs. 9,90,000 from Kamal Ltd. The payment to Kamal Ltd. was made by issuing equity shares of Rs. 100 each. Pass the necessary Journal entries in the books of Vimal Ltd. for purchase of machinery and the issue of shares when
(i) Shares were issued at par.
(ii) Shares were issued at 25% premium.

Text Solution

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Face value of shares issued in case (i) Rs. 9,90,000, Case (ii) Rs. 7,92,000 .
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