[ISC] Q. 15 solution of Issue of Debentures TS Grewal Class 12 (2022-23)

Solution of Question number 15 of the Issue of Debentures Chapter of TS Grewal Book ISC Board 2022-23 session?

Exe Ltd. purchased assets of the books value of ₹ 4,00,000 and took over the liabilities of ₹ 50,000 from Mohan Bros. It was agreed that the purchase consideration, settled at ₹ 3,80,000, be paid by issuing debentures of ₹ 100 each at a discount of 10%.

Give Journal entries in the books of Exe Ltd.

Solution:-