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Acquisiton of Business

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(Querist)
15 April 2009 Dear All,

I am working i a Ltd Co. Our Company has acquire the bussiness of one of our group company and we had paid Rs. 2 Crore . I would like to know the accouting entries for the same.

Thks
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Manmohan ACA, CS

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Manmohan ACA, CS (Expert)
16 April 2009 Entry: 1
Business Purchase Dr. 2 Crores
To Cash/ bank / eq share etc 2 Crores

Entry :2
All assets A/c Dr.
General reserve or P/L (if loss)
To All Liability
To Business Purchase
To General reserve or P/L (if profit)


Entry (1) and (2) can be merged

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