Tagore Ltd. purchased a running business from Tulsi Bros. for a sum of Rs. 48,00,0
Channel: Doubtnut
Date: 2020-04-26

Tagore Ltd. purchased a running business from Tulsi Bros. for a sum of Rs. 48,00,000 payable by the issue of fully paid equity  shares of Rs. 20 each at a premium of 20%. The assets and liabilities consisted of the following :  `{:(,"Rs."),("Plant nd Machinery","25,00,000"),("Stock","15,00,000"),("Sundry Debtors","15,00,000"),("Sundry Creditors","3,00,000"):}`  Pass the necessary journal entries in the books of Tagore Ltd.