Question

9. X Ltd. is absorbed by Y Ltd. on 31.03.2020 on which date the Balance Sheet of X.Ltd. was summarized as follows: 16 Particulars X.Ltd Notes No 1,60,000 1,44,000 1,00.000 L Equity and Liabilities 1. Shareholders Fund (a) Equity Share Capital (10 each fully paid) (b) Reserves and Surplus 2. Non-Current Liabilities Long-term borrowings: 10% Debenture of 100 each 3. Current Liabilities (a) Trade Payable TOTAL II Assets 1. Non-Current Assets (a) Property, Plant and Equipment (b) Non-Current Investment 2. Current Assets (a) Inventory (b) Trade Receivables (c) Cash and Cash Equivalent TOTAL 36.000 4,40,000 3,12,000 81,000 34,200 12,800 4,40,000 Notes to Balance Sheet (includes) Amount() Particulars 1. Reserves and Surplus: General Reserves Profit & Loss Balance 64,000 80,000 1,44,000 2. Property, Plant & Equipment: Land and Building Plant and Machinery 2,40,000 72,000 3,12,000 The consideration payable to X.Ltd.: (a) A cash payment of 110 for every Debenture in X.Ltd. (b) An exchange of 3 equity shares of 5 each (quoted in the market at 36 each) in Y.Ltd, for every share in X.Ltd. (c) A further cash payment of 33 for each equiry share in X.Ltd. You are required to prepare necessary ledger accounts in the books of X.Lid. to close the books of accounts and journal entries in the books of Y.Lid. Expenses on liquidation were 26,000.​

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