King Ltd took over assets of Rs. 25,00,000 and liabilities of Rs. 6,00,000 of Queen Ltd. King Ltd paid the purchase consideration by issuing 10,000 equity shares of Rs. 100 each at a premium of 10% and Rs. 11,00,000 by a Bank Draft.

Calculate Purchase consideration and pass necessary Journal entries in the books of King Ltd.

Marks-3, CBSE:2016-17/Sample/Q-9

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