a4 Rs. Illustration - 2 Zee Ltd. agreed to absorb Gulf Ltd. on 31st March, 2009, whose Balance sheet stood as follows: Liabilities Rs. Assets Share capital Fixed assets 70,00,000 80,000 shares of Rs. 100 each Investments fully paid 80,00,000 Current assets Reserves and surplus Loans and Advances General Reserve 10,00,000 Stock in trade 10,00,000 Secured Loan Sundry Debtors 20,00,000 Unsecured Loan Current Liabilities and Provisions Sundry creditors 10,00,000 1,00,00,000 1,00,00,000 The consideration was agreed to be paid as follows: a. A payment in cash of Rs. 50 per share in Gulf Ltd. and b. The issue of shares of Rs. 100 each in Zee Ltd., on the basis of 2 Equity Shars (valued at Rs. 150) and one 10% cumulative preference share (valued at Rs. 100) for every five shares held in Gulf Ltd. It was agreed that Zee Ltd. will pay in cash for fractional shares equivalent at agreed value of shares in Gulf Ltd. i.e. Rs. 650 for five shares of Rs. 500 paid. The whole of the Share capital consists of shareholdings in exact multiple of five except the following holding Bharati 116 Sonu 76 Hitesh 72 Jagat 28 Other individuals 8 (eight members holding one share each) 300 Prepare a statement showing the purchase consideration receivable by above shareholders in shares and cash