Amrit Daily Needs acquired the business of Shri Shivam for a purchase consideration of Rs. 5,00,000 payable by cheque. The assets acquired and liabilities taken over are:
`{:("Assets":,,Rs.),("Furniture",," 10,000"),("Inventory",,"7,50,000"),("Debtors",,"1,50,000"):}:|{:("Liabilities":,,Rs.),("Creditors",,"5,20,000"),("Salaries Payable",," 75,000"),("Outstanding Expenses ",," 15,000"):}`

Explanation