Shovan Limited took over the assets of ₹60,00,000 and liabilities of ₹10,00,000 from Swami Limited for an agreed purchase consideration of ₹45,00,000. The amount was payable by issuing 10% debentures of ₹100 each at 25% premium.

Pass necessary journal entries for the above transactions in the books of Shovan Limited.

Marks-3, CBSE:2022-23/Zone-1/Set-1/Q-19*

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