X Ltd. took over the following assets and liabilities of Y Ltd Land & Building ₹ 20,00,000; Stock ₹ 5,00,000; Sundry Debtors ₹ 2,50,000 and Sundry Creditors ₹ 2,00,000

X Ltd. took over the following assets and liabilities of Y Ltd:

Land & Building ₹ 20,00,000; Stock ₹ 5,00,000; Sundry Debtors ₹ 2,50,000 and Sundry Creditors ₹ 2,00,000.

X Ltd. paid purchase consideration by issuing Bank Draft of ₹ 16,00,000 and 50,000 Equity Shares of ₹ 20 each at 10% premium. Calculate purchase consideration and pass journal entries in the books of X Ltd.

[Ans. Purchase consideration ₹ 27,00,000; Goodwill ₹ 1,50,000.]