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2. X Limited and Y Limited agreed amalgamate by transferring their undertakings to a new company Z Company Limited formed for that purpose. on the date of amalgamation balance shLims of the company were as under: Liabilities X Co. Y Co. Assets X Co. Y Co. Equity share capital Sundry assets 480000 322000 Shares of 10 500000 300000 Freehold property 200000 100000 each 5% debentures 200000 100000 Investments 50000 20000 Reserve fund 50000 Debtors 250000 150000 Profit and loss 30000 20000 Preliminary expenses 20000 8000 account Mortgage Loan 50000 Sundry creditors 220000 130000 1000000 600000 1000000 600000 The Purchase consideration consisted of: 1. Discharge of debentures in X Company Limited and Y company limited by the issue of equivalent amount of 6% in z Limited. 2. The assumptions of liabilities of the companies. 3. Issue of shares at a premium of rupees 2 per share of equity shares of 10 each in z Limited. For the purpose of amalgamation, the assets are to be revalued as under: Particulars X Co. Y Co. Goodwill 100000 75000 Sundry assets 410000 280000 Freehold property 260000 140000 Investments 51000 Debtors 225000 135000 20000 Opening journal entries in the books of new company and also balance sheet