11:27 ADA Novell 51% The following are the summarised balance sheets of A Ltd. and B Ltd. as on March 31, 2015: Liabilities Equity Shares, 10 each, fully paid up A Ltd. (*) 7,20,000 B Ltd. *) 3,00,000 14% Preference Share Capital, 100 each, fully paid up 1,50,000 1,70,000 Securities Premium 1,50,000 13,000 Capital Reserve 80,000 45,000 General Reserve 75,000 20,000 Export Profit Reserve 1,00,000 40,000 Profit and Loss Account 1,15,000 3,000 Workmen Compensation Fund 15,000 50,000 13% Debentures, * 100 each, fully paid up 35,000 Trade payables 10,000 14,05,000 6,86,000 Provision for Taxation Assets Goodwill 2,00,000 60,000 Land and Buildings 2,50,000 2,70,000 Plant and Machinery 3,25,000 95,000 Furniture and Fixtures 57,000 1,75,000 Inventory 2,15,000 30,000 Trade receivables 72,000 6,000 Income Tax Refund Claim 2,16,000 50,000 Cash at Bank 70,000 Cash in Hand 14,05,000 6,86,000 A Ltd. take over B Ltd. on April 01, 2015 and discharges consideration for the business as follows: (a) Issued 42,000 fully paid equity shares of 10 each at par to the equity shareholders of B Ltd. (b) Issued fully paid up 15% preference shares of 100 each to discharge the preference shareholders of B Ltd. at a premium of 10%. (c) It is agreed that the debentures of B Ltd. will be converted into equal number and amount of 13% debentures of A Ltd. (d) The Statutory Reserve of B Ltd. is to be maintained for two more years. (e) Expenses of amalgamation amounting to * 15,000 are borne by A Ltd. (Study Material) Required Calculate P.C. Journalise in A Ltd