1,00,000 10,000 66.000 1,56,000 other than cash) Reserves and surplus Capital Reserve Securities Premium General Reserve Profit and Loss A/C Current liabilities and Provisions Sundry creditors Furniture Less: Depreciation 16,200 Add: Taken over 1,68,250 Current assets, 3,00,000 Loans and Advances: 1,91,500 Stock Sundry Debtors Cash and Bank 3,90,000 Miscellaneous Expenditure Preliminary Exp. 24,02,450 2,70,000 6,30,000 2,41,450 50,000 24,02,450 a 19 Illustration - 19 The Balance Sheets of S Ltd. and H Ltd. as on 31.3.09 were as follows. Liabilities Equity Share capital Reserves and surplus 10% 25,000 Debentures of Rs. 100 each Other Liabilities (Rs. in Lakhs) S Ltd. H Ltd. 80 25 400 75 25 120 600 125 200 100 75 50 100 25 Assets Fixed assets at cost Less: Depreciation Investments in H Ltd. 2 Lakhs Equity shares of Rs. 10 each at cost 10% 25,000 debentures of Rs. 100 each at cost Current assets Less: Current liabilities 32 56 24 800 (356) 444 300 (200) 100 600 125 In a scheme of absorption duly approved by the Court, the assets of 'H' Ltd. were taken over at an agreed value of Rs. 130 lakhs. The liabilities were taken over at par. Outside shareholders of 'H' Ltd. were allotted equity shares in S Ltd. at a premium of Rs. 90 per share in satisfaction of other claims in 'H' Ltd. for purposes of recording in the books of 'S' Ltd. Fixed assets taken over from 'H' Ltd. were revalued at Rs. 40 lakhs. The scheme was put through on 1st April, 2009. a. Journal Entries in the books of 'S' Ltd. b. Show the balance of 'S Ltd, after absorption of 'H' Ltd