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Show the journal entries for the mentioned transactions

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Question - On April 1, 2017, XYZ Limited sold a freehold property to another company, STU Limited. XYZ Limited purchased the property for Rs. 500,000/-on April 1. 2016 and has charged total depreciation of Rs. 60,000/- for the period from April 1, 2016 to March 31, 2017.

STU Limited paid Rs. 850,000/- for the property of April 1, 2017, at which the fair market value of the property was Rs. 550,000/-

From April 1, 2017 the property was leased back by XYZ Limited on a ten year operating lease for annual rentals (payable in arrears) of Rs. 100,000/-. A normal annual rental for such a property would have been Rs. 50,000/-.

Required - Show the journal entries for the mentioned transactions in the books of XYZ Limited.

Reference no: EM132589441

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