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.

(Issue of Shares for Purchase of Business). Rajan Ltd. purchased a running business from Vikas Ltd. For a sum of Rs. 2,50,000 payable as Rs. 2,20,000 in fully paid equity shares of Rs. 10 each and balance by a bank draft. The assets and liabilities consisted of the following: Plant and Machinery Rs. 90,000, Building Rs. 90,000, Sundry Debtors Rs. 30,000, Stock Rs. 50,000, Cash Rs. 20,000, Sundry Creditors Rs. 20,000. Journalise the above transactions.

Nikhil Ltd. purchased a running business from Sonia Ltd. for a sum of Rs. 22,00,000 by issuing 20,000 fully paid equity shares of Rs. 100 each at a premium of 10%. The assets and liabilities consisted of the following : Machinery Rs. 7,00,000, Debtors Rs. 2,50,000, Stock Rs. 5,00,000, Building Rs. 11,50,000 and Bills Payable Rs. 2,50,000. Pass necessary Journal entries in the books of Nikhil Ltd. for the above transactions.