X Ltd. purchased a running business from Y Ltd. For a sum of Rs 30,00,000 payable `40%` by c
Channel: Doubtnut
Date: 2020-04-26

X Ltd. purchased a running business from Y Ltd. For a sum of Rs 30,00,000 payable `40%` by cheque and the balance by the issue of fully paid equity shares of Rs 100 each at a premium of `20%`. The assets and liabilities consisted of the following :  `{:(,"Rs",,,"Rs"),("Building","12,00,000","     ","Sundry Debtors","4,30,000"),("Plant and Machinery","8,00,000","     ","Cash","90,000"),("Stock","5,00,000","     ","Sundry Creditors","2,00,000"):}`  Pass the necessary Journal entries in the books of X Ltd.