Sico Ltd. took over the assets of Rs. 4,80,000 and liabilities of Rs. 80,000 of Mittal Ltd. for a consideration of Rs. 3,20,000. Rs. 20,000 were paid by an acceptance in favour of Mittal Ltd. payable after 3 months and the balance by issue of fully paid up 8% Preference Shares of Rs. 100 each at a premium of 50%. Pass the necessary journal entries for the above transactions in the books of Sico Ltd.