[ISC] Q. 14 solution of Issue of Debentures TS Grewal Class 12 (2022-23)

Solution of Question number 14 of the Issue of Debentures Chapter of TS Grewal Book ISC Board 2022-23 session?

Promising Company Ltd. took over assets of ₹ 2,50,000 and liabilities of ₹ 30,000 of Goneby Company for the purchase consideration of ₹ 3,30,000. Promising Company Ltd. paid the purchase consideration by issuing debentures of ₹ 100 each at 10% premium.

Give Journal entries in the books of Promising Company Ltd.

Solution:-