Bright Ltd. took over the assets of ₹ 6,60,000 and liabilities of ₹ 80,000 of Star Ltd. for an agreed purchase consideration of ₹ 6,00,000 payable 10% in cash and the balance by the issue of 12% Debentures of ₹ 100 each. Give necessary Jouranl entries in the books of Bright Ltd. if:
Case 1: The debentures are issued at par.
Case 2: The debentures are issued at 20% premium.
Case 3: The debentures are issued at 10% discount.
Solutions :
