On 01.04.2021, Bain Ltd. purchased from Cayres Ltd., Machinery at ₹17,00,000 and Land and Building at ₹40,00,000. It also took over its liabilities amounting to ₹7,00,000. The purchase consideration of ₹60,00,000 was paid as follows: ₹5,00,000 through a cheque and the balance by issue of 9% debentures of 100 each at a premium of 10%.

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

Marks-3, CBSE:2022-23/Compartment/Q-17*

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