A Close Corporation may convert to a limited liability company, provided that all members agree to the conversion and become members of the company. Assume that a CC has the following balance sheet at the date of conversion. 65 000 ASSETS NON-CURRENT ASSETS Current Assets Inventory Debtors Cash 15 000 16 000 4 000 35 000 100 000 EQUITY AND LIABILITIES Members' funds: Members' contributions 80 000 Undrawn income 10 000 90 000 Current liabilities Creditors 10 000 100 000 You are required to 1.1 Value the assets of the CC on a realisation basis, and 12 Prepare the opening balance sheet of the Limited Company