(A) 1. Explain the procedure for calculating purchase consideration under net payment method. (5 Marks) (AND) 'X' Co. Ltd. agreed to acquire the assets excluding cash as on 31* Dec. 2018 of Y Co. Ltd. The Balance sheet of Y Co. Ltd. as on that date was: Liabilities Rs. Assets Rs. Equity capital (Share of Rs.10 cach) 3,00,000 Goodwill 60,000 General reserve 80,000 Land & Buildings 1,20,000 Debentures 50,000 Plant & Machinery 2.00.000 Creditors 10,000 Stock 80.000 P&L A/C 60,000 Debtors 30.000 Cash 10.000 5,00.000 5,00,000 The consideration was as follows: a. A cash payment of Rs.4 for every share of Y Ltd. b. The issue of one share of Rs. 10 each at market value of Rs. 12.50 in the X Co, Ltd. for every share in Y Ltd. e. The issue of 1.100 debentures of Rs. 50 each in X Co. Ltd. to enable Y Ltd. to discharge its debentures at a premium of 10% d. The expenses of liquidation of Y Ltd. amounting to Rs.4,000 was to be met by themselves Calculate Purchase Consideration and Pass journal entries, realisation account and equity shareholders account in the books of Y Ltd, and opening entries in the book of X Ltd