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X limited purchased a machine for Rs. 60,000 from Y traders. The payment was made by issue of equity shares of Rs 10 each Pass journal entries in the books of the company.?
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X limited purchased a machine for Rs. 60,000 from Y traders. The payme...
Journal Entry for the purchase of machine by issuing equity shares:
1. Journal Entry for Purchase of Machine:
- Debit: Machine Account (Asset) - Rs. 60,000
- Credit: Equity Share Capital Account (Equity) - Rs. 60,000
Explanation:
- The purchase of the machine will be recorded as a debit to the Machine Account as it is an asset acquired by the company.
- The credit entry will be made to the Equity Share Capital Account to reflect the issuance of equity shares as payment for the machine.
2. Machine Account:
- Debit: Rs. 60,000
- Credit:
Equity Share Capital Account:
- Debit:
- Credit: Rs. 60,000
Explanation:
- The Machine Account will show a debit of Rs. 60,000 to represent the value of the machine acquired.
- The Equity Share Capital Account will have a credit entry of Rs. 60,000 to indicate the issuance of equity shares worth the machine's value.
By following these journal entries, the transaction will be accurately recorded in the books of X Limited.
1. Journal Entry for Purchase of Machine:
- Debit: Machine Account (Asset) - Rs. 60,000
- Credit: Equity Share Capital Account (Equity) - Rs. 60,000
Explanation:
- The purchase of the machine will be recorded as a debit to the Machine Account as it is an asset acquired by the company.
- The credit entry will be made to the Equity Share Capital Account to reflect the issuance of equity shares as payment for the machine.
2. Machine Account:
- Debit: Rs. 60,000
- Credit:
Equity Share Capital Account:
- Debit:
- Credit: Rs. 60,000
Explanation:
- The Machine Account will show a debit of Rs. 60,000 to represent the value of the machine acquired.
- The Equity Share Capital Account will have a credit entry of Rs. 60,000 to indicate the issuance of equity shares worth the machine's value.
By following these journal entries, the transaction will be accurately recorded in the books of X Limited.
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X limited purchased a machine for Rs. 60,000 from Y traders. The payment was made by issue of equity shares of Rs 10 each Pass journal entries in the books of the company.?
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X limited purchased a machine for Rs. 60,000 from Y traders. The payment was made by issue of equity shares of Rs 10 each Pass journal entries in the books of the company.? for UPSC 2025 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about X limited purchased a machine for Rs. 60,000 from Y traders. The payment was made by issue of equity shares of Rs 10 each Pass journal entries in the books of the company.? covers all topics & solutions for UPSC 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for X limited purchased a machine for Rs. 60,000 from Y traders. The payment was made by issue of equity shares of Rs 10 each Pass journal entries in the books of the company.?.
X limited purchased a machine for Rs. 60,000 from Y traders. The payment was made by issue of equity shares of Rs 10 each Pass journal entries in the books of the company.? for UPSC 2025 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about X limited purchased a machine for Rs. 60,000 from Y traders. The payment was made by issue of equity shares of Rs 10 each Pass journal entries in the books of the company.? covers all topics & solutions for UPSC 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for X limited purchased a machine for Rs. 60,000 from Y traders. The payment was made by issue of equity shares of Rs 10 each Pass journal entries in the books of the company.?.
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