The following are the summarised Balance Sheets of X Ltd. and Y Ltd. as on 31.3.2016: I.
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The following are the summarised Balance Sheets of X Ltd. and Y Ltd. as on 31.3.2016:
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I. EQUITY AND LIABILITIES (1) Shareholders' Funds: (a) Share Capital Equity Share of 10 each (b) Reserves and Surplus ---Profit and Loss (2) Share Application Money Pending Allotment : (3) Non-current Liabilities: (4) Current Liabilities: Balance Sheets of X Ltd. and Y Ltd. as at 31st March, 2016 X Ltd. (a) Long-term borrowings-15% Debentures Particulars (1) TOTAL II. ASSETS (1) Non-current Assets: (a) Fixed Assets (a) Trade Payables ---- Sundry Creditors (2) Current Assets : TOTAL (i) Tangible Assets --- Plant (b) Non-current investments - 15,000 Shares in Y Ltd. Note No. (2) (3) 4,00,000 50,000 1,00,000 1,50,000 7,00,000 5,00,000 2,00,000 Y Ltd. (₹) (4) 2,00,000 11 - - 1,40,000 3,40,000 3,40,000 7,00,000 3,40,000 A new company, XY Ltd., is formed to acquire the entire business of X Ltd. and Y Ltd. For this purpose, Plant of X Ltd. were valued at 3,00,000 and Plant of Y Ltd. at 2,00,000. The purchase consideration is being discharged in shares of 10 each of new company. You are required to close the books of X Ltd. and Y Ltd.; pass journal entries in the books of XY Ltd. and to prepare the opening Balance Sheet.
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Corporate Accounting As Per The Companies Act 2013 Including Rules 2014 And 2015
ISBN: 9789352605569
2nd Edition
Authors: M Hanif, A Mukherjee
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