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90 Illustration 9 (Issue of debentures to Vendors at Premium) M Ltd. took over assets of 7,00,000 and liabilities of 60,000 of N Ltd.

90 Illustration 9 (Issue of debentures to Vendors at Premium) M Ltd. took over assets of 7,00,000 and liabilities of 60,000 of N Ltd. for the issuing 12% debentures of 100 each at 10% premium. Give journal entries in the purchase consideration of 6,60,000. M Ltd. paid the purchase consideration by books of M Ltd.

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