Multiple Choice Questions on X Ltd purchased a building for Rs 60 00 000 payable as 20 in Cash and balance by allotment of 8 debe........... for UPSC EPFO Exam Preparation

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Multiple Choice Questions

X Ltd purchased a building for Rs 60 00 000 payable as 20 in Cash and balance by allotment of 8 debe...........

General Accounting Principles Accounting For Debentures
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    X Ltd. purchased a building for Rs 60,00,000 payable as 20% in Cash and balance by allotment of 8% debentures of Rs 500 each at a premium of 20%. Number of debentures issued will be :

    9600

    Incorrect Answer

    8000

    Correct Answer

    12000

    Incorrect Answer

    10000

    Incorrect Answer
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    Explanation:

    PURCHASE CONSIDERATION= Rs. 60,00,000

    Less:           20% PAID IN CASH=Rs  12,00,000

                                            TOTAL=RS 48,00,000

    NO. OF DEBENTURES ISSUED= PURCHASE CONSIDERATION/ ISSUE PRICE OF DEBENTURE  

     Rs.48,00,000/600= 8,000 DEBENTURES                                 (ISSUE PRICE RS.500+20%)

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    Akhil

    20% pain in cash

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