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0.3 On April 01, 2017, XYZ Limited sold a freehold property to another company, STU Limited. XYZ Limited purchased the property for Rs. 500,000-on April
0.3 On April 01, 2017, XYZ Limited sold a freehold property to another company, STU Limited. XYZ Limited purchased the property for Rs. 500,000-on April 01, 2016 and has charged total depreciation of Rs. 60,000/- for the period from April 01, 2016 to March 31, 2017. STU Limited paid Rs. 850,000:- for the property of April 01, 2017, at which the fair market value of the property was Rs. 550,000 - From April 01, 2017 the property was leased back by XYZ Limited on a ten-year operating lease for annual rentals (payable in arrears) of Rs. 100,000 - A normal annual rental for such a property would have been Rs 50,000/ Required: Show the journal entries for the mentioned transactions in the books of XYZ Limited
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