Question

. Locure
OSS N
inden
idi elles
Bing
on 31.03.2000
Sinoli
The Balance sheet as on 31.03.2000 of X Ltd are as under
Liabilities
Amount Assets
Amount
60000 equity shares of Rs 10 each fully paid 6000000 Building
2000000
General Reserve
1800000 Machinery
2600000
Profit & Loss account
90 480000 Furniture
40000
Creditors
1960000 Stock
1600000
Debtors
920000
Cash in hand
280000
Cash at Bank
800000-360 -ban
2
8240000
18240000
@ The Balance sheet as on 31.03.2000 of Y Ltd are as under
Liabilities
Amount Assets
Amount
20000 equity shares of Rs 100 each 2000000 Goodwill oral Ben 400000
fully paid
Capital Reserve
200000
Machinery
1680000
General Reserve
100000
Furniture
20000
Profit & Loss account
140000-1 Stock
1720000
Creditors
1580000 Debtors L A
720000
Cash in hand
20000
Cash at Bank)
160000
Expenditure on new project 1 300000
4020000
!
4020000
Y Itd was absorbed by X Itd on 1.4.2000 on the following terms
10) Fixed assets other than goodwill to be valued at Rs 2000000 including Rs 24000 for the
furniture.
J Balancing
ii) Stock to be reduced by Rs 80000 and debtors by 5%.
iii) X Itd to assume Liabilities.
Due)
iv) The new project to be valued at Rs 380000.
y) The shareholders of Y Ltd to receive cash payment of Rs 30 per share plus four equity shares in
X Ltd for every five shares held in Y Ltd. 38 sec @ Per
vi) Both the companies to declare and pay dividend of 6% prior to absorption. Puanlamaken
vii) Expenses of liquidation of Y Ltd are to be reimbursed by X Itd to the extent of Rs 20000. The
actual expenses amounted to Rs 24000.
IST Draft journal entries regarding the scheme in the books of Y ltd and prepare the Balance sheet of X
Ltd after absorption assuming that X Ltd's authorized capital has been increased to Rs 8000000.
Assume that deficiency in Bank account has been met by necessary cash deposits
to of Pitd and y Itd as at 31.03.2001(In lács)
od
Vita​

Answer 1

Answer:

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