Mr.X want sell his co. 2 Mr.Y. Co's Total asset is 10000/- Total liability is 6000/-. What are the final entry

Question

Mr.X want sell his company to Mr.Y. Company's Total asset is 100000/- Total liability is 60000/-. What are the final entry in Mr.X's book and Mr.Y's book. (net entry)

Answer 1

Are the correct figures 10,000 and 6,000 or 100,000 and 60,000? I shall take the first set.

Mr X is selling his assets worth $10k to Y and at the same time assigning his liabilities of $6k to Y. Assuming everything is at cost, in X's books:
Dr Mr Y 4,000
Dr Liabilities 6,000
Cr Assets 10,000

In Mr Y's books,
Dr Assets 10,000
Cr Liabilities 6,000
Cr Mr X 4,000

Wouldn't it be easier to just transfer Mr X's shares to Mr Y?