Lotus Ltd. took over assets of Rs.2,50,000 and liabilities of Rs.30,000 of Goneby Company for the purchase consideration of Rs.3

Lotus Ltd. took over assets of Rs.2,50,000 and liabilities of Rs.30,000 of Goneby Company for the purchase consideration of Rs.3,30,000. Lotus Ltd. paid the purchase consideration by issuing debentures of Rs.100 each at 10% premium. Give Journal entries in the books of the Lotus Ltd.

Lotus Ltd. took over assets of Rs.2,50,000 and liabilities of Rs.30,000 of Goneby Company for the purchase consideration of Rs.3,30,000.

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