3 the following are the balance sheet as on 31st December 1999 of X Limited and Y Limited Liabilities X Co. Y Co. Assets X Co. Y Co. Equity share capital Land and buildings 30000 Shares of 100 100000 60000 Plant and machinery 110000 50000 each 6% debentures 20000 Stock 16000 8000 Reserve fund 34000 Debtors 14000 9000 Profit and loss 2000 Cash 3000 1000 account Dividend 4000 equalisation fund Employees 3000 Provident Fund Sundry creditors 10000 8000 173000 68000 173000 68000 The two companies agreed to amalgamate and form a new company called Z Limited which takes over the Assets and liabilities of both the companies. The authorised capital of Z Limited is * 1000000 zero consisting 100000 equity shares of R10 each come the Assets of X Limited or taken over at a reduced valuation of 10% with exception of land and buildings which are accepted at book value. Both the companies Auto receive 5% of the valuation of their respective business as Goodwill. The entire purchase price is to be paid by Z Limited in fully paid shares. In return for debenture in X Limited debenture of same amount at the nomination are to be issued by Z Limited You are required to opening journal entries and balance sheet in the books of Z Limited