On 1st April,2022,Lighthouse Ltd. purchased land from bricks Ltd. The payment was on the same day by:
(i) Issuing a bank draft for ₹20,00,000; (ii) Drawing a Promissory Note in favour of Bricks Ltd. for ₹ 10,00,000; (iii) Issuing 8,000,10% debentures of ₹100 each at par,redeemable at a premium of 10%, after three years
You are required to pass necessary journal entries in the books of Lighthouse Ltd. on the date of purchase of land.
