On 1st April, 2018, Welfare Ltd. took over assets of ₹ 3,50,000 and liabilities of ₹ 60,000 of Himalyan Ltd. for the purchase consideration of ₹ 4,40,000. It paid the purchase consideration by issuing 8% Debentures of ₹ 100 each at 10% premium. On the same date it issued another 3,000, 8% Debentures of ₹ 100 each at a discount of 10%, redeemable at a premium of 5% after 5 years. According to the terms of the issue ₹ 30 is payable on application and the balance on the allotment of debentures.
You are required to pass Journal entries in the books of Welfare Ltd. to record the above transactions.

Explanation