Shri Suresh Gupta purchased a running business on 1st April, 2019 at an agreed value of Rs. 10,00,000. Following are the assets and liabilities taken over:
Land and Building Rs. 4,00,000, Plant and Machinery Rs. 4,50,000, Furniture and Fixtures Rs. 1,50,000, Stock Rs. 3,50,000, Sundry Debtors Rs. 3,00,000, Sundry Creditors Rs. 2,50,000, Bills Payable Rs. 1,00,000, Bank Loan Rs. 3,00,000.
Pass Journal entry to record the transactions.