UPSC Exam > UPSC Videos > Commerce & Accountancy Optional Notes for UPSC > Amalgamation: Journal Entries in the Books of Transferor or Vendor Company
Amalgamation: Journal Entries in the Books of Transferor or Vendor Company Video Lecture | Commerce & Accountancy Optional Notes for UPSC
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FAQs on Amalgamation: Journal Entries in the Books of Transferor or Vendor Company Video Lecture - Commerce & Accountancy Optional Notes for UPSC
| 1. What are journal entries in the books of the transferor or vendor company during amalgamation? |  |
Ans. Journal entries in the books of the transferor or vendor company during amalgamation involve recording the transfer of assets, liabilities, and equity to the purchasing or acquiring company. This includes entries for any gain or loss on the transaction, as well as adjustments for any differences in the carrying values of the assets and liabilities.
| 2. How are goodwill and capital reserve treated in the journal entries of the transferor or vendor company during amalgamation? | |
Ans. Goodwill is typically calculated as the excess of the purchase consideration over the net assets acquired and is recorded as an intangible asset in the books of the transferor or vendor company. Capital reserve, on the other hand, may be created to account for any excess consideration received over the fair value of the net assets transferred.
| 3. What is the significance of recording journal entries in the books of the transferor or vendor company in an amalgamation process? | |
Ans. Recording journal entries in the books of the transferor or vendor company during an amalgamation is essential for accurately reflecting the financial impact of the transaction. It helps in maintaining proper accounting records, ensuring compliance with accounting standards, and providing a clear picture of the financial position of the company before and after the amalgamation.
| 4. How are intercompany eliminations handled in the journal entries of the transferor or vendor company during amalgamation? | |
Ans. Intercompany eliminations involve removing any transactions or balances between the transferor or vendor company and the acquiring company to avoid double counting or overstating the financial results. These eliminations are typically recorded through adjusting entries in the books of both companies to ensure accurate consolidation of financial statements.
| 5. Can the journal entries in the books of the transferor or vendor company be reversed after amalgamation is completed? | |
Ans. Yes, journal entries in the books of the transferor or vendor company related to the amalgamation can be reversed if necessary. This may be done to correct errors, adjust for subsequent events, or reclassify certain entries. However, any reversals should be properly documented and supported by appropriate accounting rationale.
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Nov 24, 2024 Last updated |
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