Vimal Ltd. purchased assets worth 5,00,000 and took over liabilities of 1,00,000 of Kapil Ltd. for a purchase consideration of 4,50,000. Vimal Ltd. paid one third of the amount by cheque and balance was settled by issuing 11% debentures of 100 each at a premium of 20%.

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

Marks-3, CBSE:2022-23/Zone-5/Set-1/Q-20

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