Sico Ltd. took over the assets ofRs.4,80,000 and liabilities ofRs.80,000 of Mittal Ltd. for a consideration ofRs.3,20,000.Rs.20,000 were paid by an acceptance in favour of Mittal Ltd. payable after 3 months and the balance by issue of fully paid up 8% Preference Shares ofRs.100 each at a premium of 50%. Pass the necessary journal entries for the above transactions in the books of Sico Ltd.