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Answer to Q. No: E16.21: Amount in Euro
In the books of Bailey Industries
Journal entry to record all the transactions:
|
Date |
Accounts | Debit | Credit |
1st April 2019 Cash Account Dr 6,00,000
To Share Capital Account 6,00,000
(Being ordinary share issued to Company-A at par value)
1st July 2019 Cash Account Dr 8,00,000
To Share Capital Account 8,00,000
(Being ordinary share issued to Company-B at par value)
1st October 2019 Cash Account Dr 3,00,000
To Share Capital Account 3,00,000
(Being ordinary share issued to Company-C at par value)
14th May 2019 Gain on discontinued operation Account Dr 90,000
To Profit and Loss Account 90,000
(Being gain realized from Discontinued operation)
Note-1: No-journal is required to record the net income of Euro 3,00,000 as this amount is the cumulative effect of all transaction, whose effect has already been recorded in earlier period, as and when the same transaction happened.
Note-2: We are ignoring the Tax effect, as the question does not mention the same.
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