Exe Limited was wound up on 31.3.2016 and its Balance Sheet as on that date is given below:

Wye Limited took over the following assets at values shown as under :
Plant ₹ 12,80,000; Inventories ₹ 7,70,000; and Bills Receivable ₹ 30,000. Purchase consideration was settled by Wye Limited as under :
₹ 5,10,000 of the consideration was satisfied by the allotment of fully paid 10% Preference Shares of ₹ 100 each. The balance was settled by issuing equity shares of ₹ 10 each of ₹ 8 per share paid up. Sundry Debtors realised ₹ 1,50,000. Bills payable was settled for ₹ 38,000. Income-tax authorised fixed the taxation liability at ₹ 2,22,000. Creditors were finally settled with the cash remaininbg after meeting liquidation expenses amounting to ₹ 8,000. You are required to:
(i) Calculate the number of equity shares and preference shares to be allotted by Wye Limited in discharge of purchase consideration.
(ii) Prepare the Realisation Account, Cash / Bank Account, Equity Shareholders Account and Wye Limited Account in the books of Exe Limited.

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I. EQUITY AND LIABILITIES (1) Shareholders' Funds: Balance Sheet of Exe Ltd. as at 31st March, 2016 Particulars (1) (a) Share Capital -1,20,000 Equity Shares of * 10 each (b) Reserves and Surplus-Profits prior to Incorporation Contingency Reserve Profit and Loss Account (2) Share Application Money Pending Allotment : Note No. (2) Amount (₹) (3) 12,00,000 42,000 2,70,000 2,52,000 -