Gundola Ltd. took over assets of ₹ 9,00,000 and liabilities of ₹ 3,00,000 from AK Ltd. for an agreed purchase consideration of ₹ 14,00,000. The payment was made through a bank draft of ₹ 5,00,000 and the remaining by issue of 8% Debentures at a discount of 10%.
Record necessary Journal entries in the books of Gundola Ltd. for the above transactions.
Solutions :
