Madhur Ltd. took over the assets of Rs.  3,90,000 and Liabilities of Rs.  40,000 of Rasova Ltd. for a consideration of Rs.  4,00,000. 20% was paid by a cheque and the balance by issue of fully paid equity shares of Rs.  100 each at a premium of 60%. Show necessary journal entries for these transactions in the books of Madhur Ltd.

Marks-3, CBSE:2016-17/Comp-DL/Q-8