X Company Ltd. acquired the following assets and liabilities at an agreed price of Rs. 11,00,000.
| Machinery | Rs. 10,00,000 |
| Debtors | Rs. 50,000 |
| Furniture | Rs. 5,00,000 |
| O/S payable | Rs. 1,00,000 |
| Bank loan | Rs. 2,00,000 |
| Inventories | Rs. 1,00,000 |
| Creditors | Rs. 1,50,000 |
Required: Journal entries for purchase of assets and liabilities.
Ans: Capital reserve Rs. 1,00,000
Asked Years
