47 :- Sandesh Ltd. took over the assets of Rs 7,00,000 and liabilities of Rs 2,00,000 from Sanchar Ltd. for a purchase consideration of Rs 4,59,500. Rs 8,500 were paid by accepting a draft in favour of Sanchar Ltd. Payable after three months and the balance was paid by issue of equity shares of Rs 10 each at a premium of 10% in favour of Sanchar Ltd.
Pass necessary Journal Entries for the above transactions in the books of Sandesh Ltd.
Solution :-
