The following are the summarised Balance Sheets of X Ltd. and Y Ltd. as on 31.3.2016: I.
Question:
The following are the summarised Balance Sheets of X Ltd. and Y Ltd. as on 31.3.2016:
Transcribed Image Text:
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.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 60% (5 reviews)
Here are the journal entries to close the books ...View the full answer
Answered By
Sayee Sreenivas G B
I have extensive tutoring experience, having worked as a private tutor for over three years. I have tutored students from different academic levels, including high school, undergraduate, and graduate levels. My tutoring experience has taught me to be patient, attentive to student needs, and effective in communicating difficult concepts in simple terms.
I have a strong background in statistics, probability theory, data analysis, and data visualization. I am proficient in using statistical software such as R, Python, and SPSS, which are commonly used in academic research and data analysis. Additionally, I have excellent communication and interpersonal skills, which enable me to establish rapport with students, understand their learning styles, and adapt my teaching approach to meet their needs.
I am passionate about teaching and helping students achieve their academic goals.
0.00
0 Reviews
10+ Question Solved
Related Book For
Corporate Accounting As Per The Companies Act 2013 Including Rules 2014 And 2015
ISBN: 9789352605569
2nd Edition
Authors: M Hanif, A Mukherjee
Question Posted:
Students also viewed these Business questions
-
The following are the summarised Balance Sheets of X Ltd. and Y Ltd. I. EQUITY AND LIABILITIES (1) Shareholders' Funds: Balance Sheets of X Ltd. and Y Ltd. as at ... Note No. (a) Share Capital Equity...
-
The balance sheets of X Ltd. and Y Ltd. on December 30, Year 7, are as follows: On December 31, Year 7, X issued 150 common shares for all 60 outstanding common shares of Y. The fair value of each of...
-
From the Balance Sheets given below, prepare a Consolidated Balance Sheet of X Co. Ltd. and its subsidiary Y Co. Ltd. The interests of the minority shareholders of Y Co. Ltd. are to be shown in the...
-
Its estimated that the average corporate user sends and receives some 112 e-mails daily.78 Thats about 14 e-mails per hour, and even if half of those dont require a lot of time and concentration,...
-
Erin Davis owns and operates one of the largest Mercedes-Benz auto dealerships in Nebraska. In the past 36 months, her sales have ranged from a low of 6 new cars to a high of 12 new cars, as...
-
What is the difference between Rayleigh's method and the Rayleigh-Ritz method?
-
Goal congruence in top management teams. Do chief executive officers (CEOs) and their top managers always agree on the goals of the company? Goal importance congruence between CEOs and vice...
-
At December 31, 2018, Landy Products has cash of $24,000, receivables of $18,000, and inventory of $80,000. The companys equipment totals $182,000. Landy owes accounts payable of $22,000 and...
-
In December 1977 the TSX index was 1059. In December 2016 the TSX index was 16,980. What was the approximate historical return on equities during this period? a. 15.6 percent b. 10.1 percent c. 4.2...
-
Star and Moon had been carrying on business independently. They agreed to amalgamate and form a new company Neptune Ltd. with an authorised share capital of 2,00,000 divided into 40,000 equity...
-
What is a holding company ? How does a holding company come into existence ?
-
How can you create you-attitude beyond the sentence level?
-
Critical Values. In Exercises 41-44, find the indicated critical value. Round results to two decimal places. 41. Z0.25 42. Z090 43. Z0.02 44. Z0.05
-
Case Study X Ltd. has 10 lakhs equity shares outstanding at the beginning of the accounting year 2016. The appropriate P/E ratio for the industry in which D Ltd. is 8.35. The earnings per share is...
-
Notation of 0 + Using the same survey described in Exercise 1, the probability of randomly selecting 50 speaking characters from movies and getting 40 females is expressed as 0+. Does 0+ indicate...
-
A simple random sample of 10 pages from a dictionary is obtained. The numbers of words defined on those pages are found, with the results n = 10, x = 66.4 words, s = 16.6 words. Given that this...
-
Question 3 58.5 Average global temperature 1880-2013 58.0 $ 57.5 57.0 56.5 1880 1900 1920 1940 1960 1980 2000 2020 Year The graph above indicates that global temperatures have Ovaried randomly over...
-
Ng Company sells one product that has a sales price of $20 per unit, variable costs of $12 per unit, and total fixed costs of $300,000. What is the amount of sales volume in dollars necessary to...
-
For liquid water the isothermal compressibility is given by; where r and b are functions of temperature only. If 1 kg of water is compressed isothermally and reversibly from I to 500 bar at 60(C. how...
-
Explain how a firms resources may limit its search for opportunities. Cite a specific example for a specific resource.
-
In your own words, explain how a marketing manager might use a competitor analysis to avoid situations that involve head-on competition.
-
The owner of a small hardware storethe only one in a medium-sized town in the mountainshas just learned that a large home improvement chain plans to open a new store nearby. How difficult will it be...
-
Series of Compound Interest Techniques The following are several situations involving compound interest. Required: Using the appropriate table, solve each of the following: ( Click here to access the...
-
If Clark Kelly has recognized gain on an exchange of like-kind property held for investment use, where does Clark report the gain? First on Form 8824, then carried to Schedule D. First on Form 8824,...
-
An investor put 40% of her money in Stock A and 60% in Stock B. Stock A has a beta of 1.2 and Stock B has a beta of 1.6. If the risk-free rate is 5% and the expected return on the market is 12%,...
Study smarter with the SolutionInn App