I dont have the book to illustrate Contra items are for both methods of accounting in Transferee Books entry is
Sundry Creditors account dr
To Sundry Debtors
Business pURCHASE ENTRY IS FOR THE pURCHASE CONSIDERATION COMPUTED AS PER DETAILS GIVEN IN THE Problem under both methods namely net assets or net payments method with the amount of purchase consideration paid in Transferee books
business purchase will come in
business pruchase a/c (purchasing co.) Dr.
to realisation a/c
Dear Shobhit,
If you can write to me the problem or send me scanned copy of problem - i can help you . You can write to me at satmai45 @ gmail.com
Regards,
Satish.
CAclubindia
