X and Co. Ltd. absorbed the business of Y and Co. Ltd., as a going concern as at 31st March, 2018 the assets and liabilities of the latter company on that date being as under :The terms of the agreement were :
(a) That, for every 10 equity shares of Y and Co. Ltd., X and Co. Ltd., issued 12 fully paid equity shares of ₹10 each and paid ₹10 in cash;

(b) That, the preference shareholdes of Y and Co. Ltd. were paid at a premium of 5% by the issue of 6% preference shares of X and Co. Ltd. at par;

(c) That, all assets and liabilities were taken over except cash to the extent of ₹3,000 which was left for meeting realisation expenses;

(d) That, plant and machineries were only re-valued at ₹1,83,000 other assets and liabilities remaining at their book values. You are required to give the closing journal entries in the books of Y and Co. Ltd. and opening journal entries in the books of X and Co. Ltd.

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I. EQUITY AND LIABILITIES (1) Shareholders' Funds: (a) Share Capital (b) Reserves and Surplus-Profit and Loss Account Balance Sheet of Y and Co. Ltd. as at 31st March, 2018 (2) Share Application Money Pending Allotment: (3) Non-current Liabilities: (4) Current Liabilities: (a) Short-term Borrowings (b) Trade Payables TOTAL II. ASSETS (1) Non-current Assets: (a) Fixed Assets (2) Current Assets: (a) Inventories (i) Tangible Assets (ii) Intangible Assets -- Goodwill TOTAL Particulars (1) (b) Trade Receivables (c) Cash and Cash Equivalents Note No. (2) (1) (2) (3) Amount (२) (3) 4,00,000 (15,000) 80,000 4,65,000 3,00,000 50,000 30,000 50,000 35,000 4,65,000