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X Ltd. purchased assets of Y ltd. as under.Plant and Machinery Rs. 8,00,000Land 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 ltd.

X Ltd. purchased assets of Y ltd. as under.Plant and Machinery Rs. 8,00,000Land 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 ltd.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 ltd.

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