Tushar Ltd. purchased assets of ₹ 14,40,000 and liabilities of ₹ 2,55,000 from Chander Ltd. on 1.4.2021. ₹ 2,40,000 were paid immediately

Tushar Ltd. purchased assets of ₹ 14,40,000 and liabilities of ₹ 2,55,000 from Chander Ltd. on 1.4.2021. ₹ 2,40,000 were paid immediately. Pass journal entries in the books of Tushar Ltd. if the balance was paid as follows:

Case (i) by issue of ₹ 9,00,000, 11% debentures in Tushar Ltd.

Case (ii) by issue of ₹ 10,50,000, 12% debentures in Tushar Ltd.

[Ans. Case (i) Securities Premium will be credited by ₹ 45,000; Case (ii) Discount on issue of debentures will be debited by ₹ 1,05,000.]