(Solved by Humans)-Z Ltd. was formed to take over the business of X Ltd. and Y Ltd. for the agreed purchase...
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. The following are the balance sheets of X Ltd. and Y Ltd. as on 31 March 2011: Liabilities X Ltd. Rs. Y Ltd. Rs. Assets X Ltd. Rs. Y Ltd. Rs. Share Capital of Z10 Each 45,00,000 18,00,000 Fixed Assets 48,10,500 13,48,500 Securities Premium 4,50,000 45,000 Current Assets 27,86,790 11,11,800 P&L A/c 5,68,080 — Miscellaneous Expenditure 30,000 — General Reserve 14,10,000 — P&L A/c — 2,89,590 8% Debentures — 6,00,000 Creditors 6,99,210 3,04,890 76,27,290 27,49,890 76,27,290 27,49,390 Z Ltd. was formed to take over the business of X Ltd. and Y Ltd. for the agreed purchase consideration of Rs.58,50,000 and Rs.13,40,000, respectively, which is payable in the form of Rs.100 per shares at par. Y Ltd’s debentures are to be converted into 10% debentures of Z Ltd. Amalgamation expenses of Rs.45,000 are to be borme by the transferee company. Close the books of the transferor companies and give journal entries and balance sheet in the transferee company’s books.
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This question was answered on: 10 May, 2025
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