Alankrit Ltd. urchased machinery of Rs. 10,00,000 from Grand Iron Works Ltd. And paid as follow
Channel: Doubtnut
Date: 2020-03-29

Alankrit Ltd. urchased machinery of Rs. 10,00,000 from Grand Iron Works Ltd. And paid as follows: (i) Issued 50,000 Equity Shares of Rs. 10 each at a premium of Rs. 2. (b) Gave an acceptance of Rs. 3,00,000 payable after 3 months, and (c) Balance by issuing post-dated cheque of two months of Rs. 1,00,000. Pass the Journal entries in the books of Alankrit Ltd. and Grand Iron Works Ltd.