X Ltd. took over the following assets and liabilities of Y Ltd. :  Land & Building Rs. 20,00,0
Channel: Doubtnut
Date: 2020-04-26

X Ltd. took over the following assets and liabilities of Y Ltd. :  Land & Building Rs. 20,00,000, Stock Rs. 5,00,000, Sundry Debtors Rs. 2,50,000 and Sundry Creditors Rs. 2,00,000. X Ltd. paid purchase consideration by issuing Bank Draft of Rs. 16,00,000 and 50,000 Equity Shares of Rs. 20 each at 10% premium. Calculate purchase consideration ans pass journal entries in the books of X Ltd.