On 1st April 2020, XY Ltd. took over assets of 4,50,000 and liabilities of 60,000 of...

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On 1st April 2020, XY Ltd. took over assets of ₹4,50,000 and liabilities of 60,000 of 4,40,000. It paid the purchase Himalayan Ltd. for the purchase consideration of consideration by issuing 8% debenture of 100 each at 10% premium on same date. XY Ltd. issued another 3000, 8% debenture of 100 at discount of 10% redeemable at premium of 5% after 5 years. According to the terms of the issue 30 is payable on application and the balance on the allotment on debentures. It has been decided to write off the entire loss on issue of discount in the current year itself. You are required to pass the journal entries in the books of XY Ltd. for the financial year 2020-21 On 1st April 2020, XY Ltd. took over assets of ₹4,50,000 and liabilities of 60,000 of 4,40,000. It paid the purchase Himalayan Ltd. for the purchase consideration of consideration by issuing 8% debenture of 100 each at 10% premium on same date. XY Ltd. issued another 3000, 8% debenture of 100 at discount of 10% redeemable at premium of 5% after 5 years. According to the terms of the issue 30 is payable on application and the balance on the allotment on debentures. It has been decided to write off the entire loss on issue of discount in the current year itself. You are required to pass the journal entries in the books of XY Ltd. for the financial year 2020-21

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