(i) On 1st April, 2019, Bright Ltd. issued Rs. 4,00,000, 6% Debentures of Rs. 100 each at a discount of 5%, redeemable after three years.

The amount per debenture was payable as follows: 

On Application – Rs. 80 per debenture

On Allotment – Balance

The debentures were fully subscribed and all money was duly received.

Pass necessary journal entries for issue of debentures.

(ii) Disha Ltd. took over assets of Rs. 8,00,000 and liabilities of Rs. 3,00,000 from Kriti Ltd. for a purchase consideration of Rs. 6,00,000. The payment was made by issue of 9% Debentures of Rs. 100 each at 20% premium.

Pass the necessary journal entries for the above transactions in the books of Disha Ltd. 

Marks-6, CBSE:2019-20/Main/03/Q-20*