[ISC] Q. 16 solution of Issue of Debentures TS Grewal Class 12 (2022-23)

Solution of Question number 16 of the Issue of Debentures Chapter of TS Grewal Book ISC Board 2022-23 session?

Rohan Ltd. purchased the assets of Sony Ltd. for ₹ 5,00,000. It also agreed to take over the liabilities of Sony Ltd. amounting to ₹ 2,00,000 for the purchase consideration of ₹ 2,80,000. The payment of Sony Ltd. was made by issue of 9% Debentures of ₹ 100 each at par.

Pass necessary Journal entries in the books of Rohan Ltd.

Solution:-