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28

INTERMEDIATE (IPC) EXAMINATION: MAY, 2016

Net assets taken over

770

645

Purchase consideration

825

600

(Goodwill)/ Capital Reserve

(55)

45

Net goodwill
4.

7.

(10)

As the Liquidation expenses of A Ltd. and B Ltd., ` 2 lakhs and ` 1 lakhs

respectively are borne by C Ltd. the same will be debited to Goodwill account in the
books of C Ltd.

Due date of maturity:

(i)

29th February, 2016. Year 2016 being leap year, due date will be 29 th February,
2016.

(ii) 25th January, 2015. Due date, after grace days, is 26 th January, 2015, but since 26 th
January, 2015 is holiday, due date will be 25 th January, 2015.
(iii) 17th February, 2015. Due date after grace days, is 16 th February, 2015, but since
due to some emergency, it is declared as holiday, due date will be 17 th February,
2015.
(iv) 14th August, 2015. Due date after grace days, is 16 th August,2015 but since 16 th
August,2015 is holiday(Sunday) and 15 th August,2015 is also holiday, due date will
be 14th August,2015.
8.

In the books of Bank

Account Current of Mr. Abhinav for the month ending April 2015
Date

Particulars

Dr.

Cr. Dr. or Cr. Balance Days Product

2015
1st April

By Cash

5th April
10th

Cr.

40,000

To Cash

40,000
1,20,000

Dr.

80,000

4,00,000

April By Cash

60,000

Dr.

20,000

1,00,000

15th April To interest

16th April To Cash
18th

April By Cash
25th April To cash
30th April To Interest A/c

164

Dr.

20,164

20,164

80,000

Dr.

1,00,164

2,00,328

- 68,000
1,00,000
-

Dr.
Dr.

32,164
1,32,164

7
5

2,25,148
6,60,820

Dr.

1,32,528

364

Working notes
1.

Interest from 1st April, 2015 to 15 th April, 2015

(Products for the period x rate of interest)/365

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