(i) LT Ltd. purchased land from JSS Ltd. The payment was made by issuing a cheque for ₹10,00,000 and by accepting a bill of exchange for 6 months for ₹5,00,000. The balance amount was paid by issuing 5,000, 10% Debentures of ₹100 each at par redeemable at 10% premium after 3 years.

Pass the necessary journal entries in the books of LT Ltd. for the above transactions.

(ii) ABC Ltd. purchased assets of ₹4,20,000 and took over liabilities of ₹40,000 of XYZ Ltd. at a value of ₹3,60,000. ABC Ltd. Issued 10% Debentures of ₹100 each at a discount of 10% in full settlement of the purchase consideration.

Pass the necessary journal entries in the books of ABC Ltd. for the above transactions. 

Marks-6, CBSE:2019-20/Compartment/Q-20*