7,64,000 Goestion ? ccount will be credited with 1.20,000 * 5%) 6,000. The summarised Balance Sheet of Mars Limited as on 31 March, 2015 was es follow Liabilities Assets Share Capital Fixed Assets 1,00,000 Equity Shares of 10 each Land and Building fully paid 10,00.000 Current Assets Reserve and Surplus: Inventory Capital Reserve 42,000 Trade Receivables Contigency Reserve 2.70,000 Cash at Bank Profit and Loss Ale 2,52,000 Current Liabilities & Provisions: Trade Payables 2.66,000 Provision for income Tax 2.20.000 20,50.000 20.50.000 On 1 April 2015, Jupiter Limited agreed to absorb Mars Limited on the following terms and conditions: Jupiter Limited will take over the assets at the following values: 7,75.000 1,82,000 3,29,000 (2) Land and Building 10.80.000 Inventory 7.70,000 Bills Receivable 30,000 Purchase consideration will be settled by Jupiter Ltd, as under: 4,100 fully paid 10% preference shares of R100 will be issued and the balance will be settled by issuing equity shares of 10 each at 8 paid up. Liquidation expenses are to be reimbursed by Jupiter Ltd. to the extent of 5,000. trade receivables realized 1,50,000. Bills payable were settled for 38,000. Income tax authorities fixed the taxation liability at 2 2,22,000 and the same was paid. Trade payables were finally settled with eash remaining after meeting liquidation expenses amounting to 8,000 Details of trade receivables and trade payables as under: (4)