On 31st March, 2018 the Balance Sheet of X Ltd. stood as follows :

On this date, X Ltd. took over the business of Y Ltd. for ₹6,60,000 payable in the form of its fully paid equity shares of ₹10 each at par, shareholders of Y Ltd., getting 110 shares of X Ltd. for every 100 shares held in Y Ltd. The scheme of amalgamation also provided that 11% debentures of Y Ltd., would be converted into equal number of 12% debentures of X Ltd. of ₹100 each. The Balance Sheet of Y Ltd. on the date of amalgamation was as follows:

You are required to :

(i) Pass journal entries in the books of X Ltd. assuming that the amalgamation is in the nature of merger.

(ii) Prepare Realisation Account and Equity Shareholders Account in Y Ltd.’s Ledger.

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I. EQUITY AND LIABILITIES (1) Shareholders' Funds: (a) Share Capital (b) Reserves and Surplus (a) Short-term Borrowings (b) Trade Payables (2) Share Application Money Pending Allotment: (3) Non-current Liabilities: (4) Current Liabilities: TOTAL II. ASSETS (1) Non-current Assets: (a) Fixed Assets (1) Tangible Assets (2) Current Assets: (a) Current Investments (b) Inventories (c) Trade Receivables (d) Cash and Cash Equivalents (e) Other Current Assets TOTAL Balance Sheet of X Ltd. as at 31st March, 2018 Particulars (1) Note No. (2) (1) (2) (3) Amount 15,00,000 9,60,800 3,60,740 28,21,540 18,04,400 7,05,500 1,98,440 1,13,200 28,21,540