21 :- 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.
Solution :-
