Fill in the blanks with apt word(s)
1.In the process of acquisition of business, newly formed limited companies purchase the business of_____or_____form of business concerns.
2.The seller concern is termed as_____in the acquisition of business.
3.Purchase price paid by the purchasing company to the selling business concern is known as_____.
4._____assets are not taken over by the purchasing company.
5.All_____lliabilities are taken over by the purchasing company.
6.When the value of net assets is less than the purchase price, the difference is debited to_____A/c.
7.When the value of net assets is more than the purchase price, the difference is credited to_____A/c.
8.When debtors and creditors are taken over on behalf of vendors by the purchasing company, it has to open_____A/c in the books.
9.When the same set of books is continued_____, and_____A/c should not be closed.
10.When the same set of books is continued, a separate account for debtors should be opened under the head_____A/c.
11.The purchasing company_____the vendor’s A/c with the purchase price at the time of acquisition.
12.When shares or debentures are issued at a premium, _____ A/c has to be credited with premium amount.