Vimal Ltd. purchased assets worth ₹ $\displaystyle 5,00,000$ and took over liabilities of ₹ $\displaystyle 1,00,000$ of Kapil Ltd. for a purchase consideration of ₹ $\displaystyle 4,50$,000. Vimal Ltd. paid one third of the amount by cheque and balance was settled by issuing $\displaystyle 11$% debentures of ₹ $\displaystyle 100$ each at a premium of $\displaystyle 20$% . Pass necessary journal entries in the books of Vimal Ltd. for the above transactions.

Books of Vimal Ltd JOURNAL Date Particulars L.F. Dr. Cr. `) `) Amount ( Amount ( Assets A/c Dr. $\displaystyle 5,00,000$ Goodwill A/c Dr. $\displaystyle 50,000$ To Liabilities A/c $\displaystyle 1,00,000$ To Kapil Ltd. $\displaystyle 4,50,000$ (business of Kapil Ltd. taken over at `$\displaystyle 4,50,000$) $\displaystyle 1,50,000$ Kapil Ltd Dr. To Bank A/c $\displaystyle 1,50,000$ (paid Kapil Ltd `$\displaystyle 1,50,000$ by cheque) $\displaystyle 3,00,000$ Kapil Ltd Dr. $\displaystyle 2,50,000$ To $\displaystyle 11$% Debentures A/c $\displaystyle 50,000$ To Securities Premium A/c or Securities Premium Reserve A/c ($\displaystyle 2,500$ debentures of `$\displaystyle 100$ each issued at a premium of $\displaystyle 20$%)