BX Ltd. took over a building worth ₹3,00,000, machinery worth ₹2,00,000, furniture worth ₹30,000 and its liabilities of ₹40,000 from PQ & Company for a purchase consideration of ₹6,00,000. BX Ltd. paid the purchase consideration by issuing 11% debentures of ₹100 each at a premium of 20%. Pass necessary journal entries for the above transactions in the books of BX Ltd.

Marks-3, CBSE:2021-22/Compartment/Q-6*

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