Neon Ltd. purchased assets worth ₹ $\displaystyle 18,00,000$ and took over liabilities of ₹ $\displaystyle 2,00,000$ of Zenith Ltd. for a purchase consideration of ₹ $\displaystyle 15,00$,000. Neon Ltd. paid the amount by accepting a bill of exchange of ₹ $\displaystyle 3,00,000$ and the balance was settled by issuing $\displaystyle 10$% debentures of ₹ $\displaystyle 100$ each at a premium of $\displaystyle 20$%. Pass necessary journal entries for the above transactions in the books of Neon Ltd.

Books of Neon Ltd. JOURNAL Date Particulars L.F. Dr. Cr. Amount( `) Amount( `) Assets A/c Dr. $\displaystyle 18,00,000$ To Liabilities A/c $\displaystyle 2,00,000$ To Zenith Ltd. $\displaystyle 15,00,000$ To Capital Reserve A/c $\displaystyle 1,00,000$ (business of Zenith Ltd. taken over at `$\displaystyle 15,00,000$) Zenith Ltd. Dr. $\displaystyle 3,00,000$ To Bills Payable A/c $\displaystyle 3,00,000$ (accepting a bill payable for `$\displaystyle 3,00,000$) Zenith Ltd. Dr. $\displaystyle 12,00,000$ To $\displaystyle 10$% Debentures A/c $\displaystyle 10,00,000$ To Securities Premium A/c or $\displaystyle 2,00,000$ Securities Premium Reserve A/c ($\displaystyle 10,000$, $\displaystyle 10$% debentures of `$\displaystyle 100$ each issued at a premium of $\displaystyle 20$%) .