Gundola Ltd. took over assets of Rs. 9,00,000 and liabilities of Rs. 3,00,000 from AK Ltd. for an agreed purchase consideration of Rs. 14,00,000. The payment was made through a bank draft of Rs. 5,00,000 and the remaining by issue of 8% Debentures at a discount of 10%.  

Record necessary journal entries in the books of Gundola Ltd. for the above transactions.

Marks-3, CBSE: 2023-24/Zone-3/Set-1/Q-19b*