Vedesh Ltd. purchased a running business of Vibhu Enterprises for a sum of ₹12,00,000. Vedesh Ltd. paid ₹60,000 by drawing a promissory note in favour of Vibhu Enterprises, ₹1,90,000 through bank draft and balance by issue of 8% debentures of ₹100 each at a discount of 5%. The assets and liabilities of Vibhu Enterprises consisted of Fixed Assets valued at ₹17,30,000 and Trade Payables at ₹3,20,000.

You are required to pass necessary journal entries in the books of Vedesh Ltd.

Marks-3, CBSE:2021-22/Term-2/Sample/Q-6*