| Plant | Rs. 7,00,000 | Stock-in-Trade | Rs. 9,00,000 |
| Land and Building | Rs. 12,00,000 | Sundry Creditors | Rs. 2,00,000 |
You are required to pass necessary Journal entries.
Solution
Bharat Lamp Ltd. issued 30,000 fully paid-up shares of Rs. 100 each for purchase of the following assets and liabilities from Sharma & Co: