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Question. X Ltd. purchased assets of Y ltd. as under. Plant and Machinery Rs. 8,00,000 Land and Building Rs. 72,00,000 The purchase consideration was Rs.

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Question. X Ltd. purchased assets of Y ltd. as under. Plant and Machinery Rs. 8,00,000 Land and Building Rs. 72,00,000 The purchase consideration was Rs. 80,00,000. Rs 20,00,000 were paid though cheque and the remaining amount by issue of 6% debentures of Rs. 100 each at a premium of 20%. Pass the necessary Journal entries in the books of X Itd

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