1. X Company Limited and Y Company Limited have agreed to mermaid and to form a new company called Company Limited which has taken over both the companies as per their balance sheet given below: Balance sheet of X Company Limited as on 31 December 2001 Liabilities Assets Share capital Land and building 200000 Subscribed and paid up capital Plant and machinery 150000 50,000 shares of 10 each 500000 Furniture 50000 Reserves and surplus: Investment in 200000 Government securities General reserve 150000 200000 Stock 90000 Surplus 50000 Debtors 80000 Development rebate 30000 Bank 30000 reserve Creditors 50000 Bills payable 20000 800000 800000 300000 250000 150000 50000 450000 Balance sheet of Y Company Limited as on 31" December 2001 Liabilities Assets Share capital Land and building Subscribed and paid up capital Plant and machinery Patents 80,000 shares of 10 each 800000 Furniture Reserves and surplus: Investment in other securities General reserve 300000 400000 Stock Surplus 100000 Debtors Secured loans 150000 Bank Unsecured loans 50000 Creditors 60000 Bills payable 40000 1500000 120000 90000 90000 1500000 You are required to pass opening journal entries in the books of new company and also balance sheet