X ltd purchased assets worth 220000 and also took over the

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X Ltd. purchased assets worth $2,20,000 and also took over the liabilites(creditors) of Y Ltd. for a purchase consideration of $1,92,000. X Ltd. paid the purchase consideration by issuing 12% debentures of $100 each at a premium of 20%. Pass journal entry in the books of X Ltd.

Reference no: EM13588102

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