Venus Ltd., is a real estate company. To discharge its corporate Social Responsibility, it decided to construct a night shelter for the homeless. The company took over assets of Rs. 10,00,000 and liabilities of Rs. 1,80,000 of Cayns Ltd. for Rs. 7,60,000. Venus Ltd. issued 9% Debentures of Rs. 100 each at a discount of 5% in full satisfaction of the purchase consideration in favour of Cayns Ltd.
Pass necessary journal entries in the books of Venus Ltd. for the above transactions. Also identify the value observed by Venus Ltd.