Question

Both Aruna Ltd and Suguna Ltd carrying on similar business and it was agreed that they should Amalgamate. As such a new company Sumithra Ltd is formed to takeover assets and liabilities of existing companies with certain exception. (a) Goodwill of Aruna ILtd and Suguna Ltd are to be valued at 775,000 and 50,000 respectively. (b) Stocks of both the companies to be valued at 10% less than book value. (c) 9% preference shareholders of both the companies will be paid at 10% premium by issue of equivalent number of 8% preference shares of Sumithra Ltd. (d) Equity shareholders of Aruna Ltd will receive 2 equity shares of 10 each at a premium of 2 per share of Sumithra Ltd and 20 for 4 equity shares held by them. Where the Suguna Ltd equity shareholders will receive 2 equity shares of 10 each at a premium of 2 per share of Sumithra Ltd and 30 per share for every 4 equity shares they held. Prepare: (a) Ledger Accounts in the books of Aruna Ltd and (b) Incorporating Journal Entries in the book of Sumithra Ltd.
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Answer 1

Answer:

Explanation:

follows that shareholders holding more than 25% of the shares may block the others from passing a special resolution. The following are examples of matters for which a special resolution is required by the Companies Act 2006. These rights cannot be reduced or changed by any agreement between the shareholders.