On 1st April, 2021, Hitesh Ltd. took over assets of ₹8,00,000 and liabilities of ₹40,000 of Pranjal Ltd. at an agreed value of ₹8,30,000. Hitesh Ltd. paid the amount to Pranjal Ltd. as follows:

(i) Gave an acceptance payable after 3 months for ₹2,00,000,

and

(ii) Issued 10% Debentures of ₹100 each at a discount of 10% to Pranjal Ltd. in satisfaction of the balance amount of purchase consideration.

 Pass the necessary journal entries to record the above transaction in the books of Hitesh Ltd.,

Marks-3, CBSE:2022-23/Zone-4/Set-1/Q-19*