X Ltd. purchased assets of ₹18,00,000 and took over liabilities of ₹6,00,000 of Y Ltd. for a purchase consideration of ₹10,00,000. The payment to Y Ltd. was made by issue of 9% debentures of ₹100 each at ₹125.

Calculate the number of 9% debentures issued in favour of Y Ltd. and pass the necessary journal entries for the above transactions in the books of X Ltd.

Marks-3, CBSE:2021-22/Term-2/Zone-3/Set-1/Q-6*

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