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Sandesh Ltd. took over the assets of Rs....

Sandesh Ltd. took over the assets of Rs. 7,00,000 and liabilities of Rs. 2,00,000 from Sanchar Ltd. For a purchase consideration of Rs. 4,59,500 . Rs. 8,500 were paid by accepting a draft in favour of Sanchar Ltd. Payable after three months and the balance was paid by issue of equity shares of Rs. 10 each at a premium of 10% in favour of Sanchar Ltd.
Pass necessary Journal entries for the above transactions in the books of Sandesh Ltd.

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The correct Answer is:
Capital Reserve-Rs 40,500.
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