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J.P. Ltd. purchased building costing Rs.70,00,000 from M/s Construction Ltd. The company paid Rs.20,50,000 by cheque and for the balance issues equity shares of Rs.100

J.P. Ltd. purchased building costing Rs.70,00,000 from M/s Construction Ltd. The company paid Rs.20,50,000 by cheque and for the balance issues equity shares of Rs.100 each in favour of M/s Construction Ltd. Pass necessary journal entries in the books of J.P. Ltd. for the purchase of building and making payments if shares were issued at premium of 25% .

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