19 April 2014
How will be pass this entry in tally??
Acquire the running business of max, for cash ₹ 50,000 by taking over a following assets and liabilities at value of stock against them: stock of goods ₹ 15,000 cash ₹ 25,000 furniture ₹ 10,000 debtor ₹ 7,000 machinery ₹ 8,000 creditor ₹ 15,000
19 April 2014
Entry 1.Entry for purchasing of business of max Business Purchase A/c/ Dr. Rs. 50 To Mr. Max Ac/ Cr Rs. 50
Entry 2. To incorporate Assets and liabilities and pay off Mr Max Respective Assets A/c Dr Rs. 65 Mr. Max A/c Dr Rs. 50 To Resp Liabilities Cr Rs. 15 To Bank /Cash A/c Cr Rs. 50 To Business Purch. Cr Rs. 50