APP Fixed assets Land (200 + 200 + 100+20) Building (500+600 + 150 + 300) Machinery (1,500 +960 +600 + 600) Other Fixed assets (400 + 100 + 200 + 50) 520 1,550 3,660 750 100 4,499 11,079 a 18 Net Current assets (1,600 + 1,040 + 1,252 + 740 - 8 125) Total Illustration - 18 The Balance Sheets of Sweet Ltd. and Salt Ltd, as on 31.03.08 were as follows: Liabilities Balance Sheet as on 31.03.08 Sweet Ltd. Salt Ltd. Assets (Rs.) (Rs.) 8,00,000 3,00,000 Building Machinery Sweet Ltd. Salt Ltd. (Rs.) (Rs.) 2,00,000 1,00,000 5,00.000 3,00,000 Equity Share capital (Rs. 100) Liabilities Sweet Ltd.Salt Ltd. Assets Sweet Ltd. Salt Ltd. (Rs.) (Rs.) (Rs.) (Rs.) 10% Preference 2,00,000 Furniture 1,00,000 60,000 Share capital Investment: (Rs. 100) 600 shares 60,000 of Small Ltd. General Reserve 3,00,000 1,00,000 Stock 1,50,000 1,90,000 Profit and Loss A/C 2,00,000 1,00,000 Debtors 3,50,000 2,50,000 Creditors 2,00,000 3,00,000 Cash and Bank 90,000 70,000 Preliminary 50,000 30,000 Expenses 15,00,000 | 10,00,000 15,00,000 10,00,000 Sweet Ltd. has taken over the entire undertaking of Salt Ltd. on 30.09.08, on which date, the position of Current assets except cash and Sweet Ltd Salt Ltd bank balances and Current liabilities were as (Rs.) (Rs.) follows: Stock 1,20,000 1,50,000 Debtors 3,80,000 2,50,000 Creditors 1,80,000 2,10,000 Profits earned for the half year ended on 30.09.08 after charging depreciation as 5% on building, 15% on machinery and 10% on furniture, are: Sweet Ltd. Rs. 1,02,500 Salt Ltd. Rs. 54,000 On 30.08.08 both companies have declared 15% dividend for 2007-08. Goodwill of Salt Ltd. has been valued at Rs.50,000 and other Fixed assets at 10% above Sweet their book values on 31.03.08. Preference shares of Salt Ltd. are to be allotted 10%. Preference Shares of Sweet Ltd. and Equity shareholders of Salt Ltd. are to receive requisite number of equity shares of Sweet Ltd. valued at Rs. 150 per share on satisfaction of their claims. Show the Balance Sheet as of 30.09.08 assuming absorption is through by that date