Jai Ltd is taken over by Ray Ltd. All the assets & liabilities are taken over at book value. Ray Ltd is issuing 5 equity shares for 2 shares held at Rs 10 each to Jai Ltd in settlement of purchase consideration. Identify the method of Purchase consideration & compute it. Discuss the entries to be passed in the books of Ray Ltd. Following is the Balance sheet of Jai & Ray Ltd as on 31st March, 2022

Liabilities	Jai Ltd (RS)	Ray Ltd (RS)	Assets	Jai Ltd (RS)	Ray Ltd (Rs)
Equity share Capital	200000	600000	Land & building	300000	500000
Pref.share capital	250000	100000	Machinery	100000	200000
Creditors	50000	100000	Debtors	40000	50000
			Cash	60000	50000
Total	500000	800000	Total	500000	800000

The answer should be a at least 800 words with calculation part in word format