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Journal entries tranfer company
1. Journal Entries
In the Books of Transfer Company
1 For transfering Assets to Realisation A/c
Realisation A/c Dr. xxx
To Sundry Assets a/c xxx
2 For tranfering Liabilities Taken Over
Liabilities A/c Dr. xxx
To Realisation A/c xxx
3 For Purchase Consideration Receivable
Purchasing Company A/c Dr. xxx
To Realisation A/c xxx
4 For Receiving the Purchase Consideration
Bank A/c Dr. xxx
Shares in Purchasing Co A/c Dr. xxx
Debentures in Purchasing Co A/c Dr. xxx
To Purchasing Co A/c xxx
5 For Realising Assets not Taken Over
Bank A/c Dr. xxx
To Realisation A/c xxx
To Assets A/c xxx
6 For Payment of Liabilities Not Taken over
Liabilty A/c Dr. xxx
Realisation A/c (Any Premium on
Repayment) Dr. xxx
To Bank A/c (Actual Amt Paid) xxx
To Realisation A/c xxx
7 For Payment of Realisation Expenses
a) Borne by Selling Company
Realisation A/c Dr. xxx
To Bank A/c xxx
b) Borne by Purchasing Company
Purchasing Company A/c Dr. xxx
To Bank A/c xxx
c)
Expenses are reimbursed by Purchasing
Company
Bank A/c Dr. xxx
To Purchasing Company A/c xxx
8 For Discharging the debentures
a) Repayable @ Discount
2. Debenture A/c Dr. xxx
To Realisation A/c xxx
To Debenture Holder A/c xxx
b) At Premium
Debenture A/c Dr. xxx
Realisation A/c Dr. xxx
To Debenture Holder A/c xxx
c) Payment to Debenture Holders
Debenture Holder A/c Dr. xxx
To Bank A/c xxx
To Debentures in Purchasing
Company A/c xxx
9 For Discharge of Preference Share Capital
a) At Premium
Pref Sharecapital A/c Dr. xxx
Realisation A/c Dr. xxx
To preference Shareholders A/c xxx
b) At Discount
Pref Sharecapital A/c Dr. xxx
To Realisation A/c xxx
To preference Shareholders A/c xxx
c) For Payment
Pref Shareholder A/c Dr. xxx
To Bank A/c xxx
To shares in Purchasing Company
A/c xxx
10 For Transfer of Equity Share Capital
a) Accumulated Losses Profit
Equity Share Capital A/c Dr. xxx
General Reserve A/c Dr. xxx
Profit or Loss A/c Dr. xxx
Any other Reserves A/c Dr. xxx
To Equity Shareholders A/c xxx
11 Transfer of Accumulated Losses
Equity shareholders A/c Dr. xxx
To Profit or loss A/c xxx
To Preliminary Exp A/c xxx
To discount on Issue of Shares A/c xxx
12 For Realisation Profit or Loss
a) Profit
3. Realisation A/c Dr. xxx
To Equity Shareholders a/c xxx
b) Loss
Equity Shareholders A/c Dr. xxx
to Realisation A/c xxx
13 Final Payment to Equity Shareholders
Equity Shareholders A/c Dr. xxx
To Bank A/c xxx
To Shares in Purchasing Company
A/c xxx
Formula:
1 Net Asset Method:
Net Asset= Agreed Value of Assets Taken
over- Agreed Value of LiabilitesTaken Over
2 Share Exchange Method or Intrinsic Value
IV = Assets Available for Equity
Shareholders/ No of Equity Shares