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  5. Accounting For Share Capital

12th Class Accountancy Accounting For Share Capital Question Bank MCQs - Accounting for Share Capital

  • question_answer
    GN Ltd. acquired a running business of Vinod Ltd. consisting Assets of Rs.20,00,000 and creditors of Rs.2,00,000, Bills Payable of Rs.3,00,000. Purchase consideration is settled by a Bank draft of Rs.4,00,000 and Rs.1,00,000 Equity Shares of Rs.10 each at a premium of Rs.2. Amount of Goodwill/capital Reserve at the time of purchase of business______

    A) Goodwill Rs.1,00,000

    B) Capital Reserve Rs.1,00,000

    C) No Goodwill/No Capital Reserve

    D) Capital Reserve Rs.3,00,000

    Correct Answer: A

    Solution :

    Goodwill Rs.1,00,000


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