Treatment of Debentures in Purchase Consideration: A Confusi

I need some clarificationon the topic:

Facts of the case:

A Ltd & B Ltd will be amalgamated and form a new C Ltd.

Debentures of Rs 100 each:

A ltd : 10% Rs 60 Lakhs

B ltd : 10% Rs 30 Lakhs

Holders of 10% Debentures in A & B Ltd will be paid by C Ltd, such no of 15% Debentures so as to maintain the interest amount.

While Equity Shares will be issued to dispose off the PC.

Now my point is, should I be using the redemption value of Debentures in calculation of Net Assets taken over? I know Debentures wont be a part of PC as per AS.


Should I take book values of 10%  Debentures and make entry in the books of C Ltd? Then reverse the entry to dispose off 10% Debentures with 15% Debentures of C Ltd and balance to Capital Reserve?

##Entry -1
Business Purchase A/C Dr.
To Liquidators A/C.

##Entry -2
Now the enrty for Assets & Liabilities:
Sundry Assets A/C Dr
To Sundry Liabilities A/C

##Should I include the redemption values of Debentures or Nominal Amount of Debentures in the above entry -2 ?

Redemtion Values:

A Ltd Rs 40 Lacs

B Ltd: Rs 20 Lacs