1. X Company Limited and Y Company Limited have agreed to mermaid and to form a new company called Z Company Limited which has taken over both the companies as per their balance sheet given below: Balance sheet of X Company Limited as on 31" December 2001 Liabilities Share capital Subscribed and paid up capital 50,000 shares of * 10 each Reserves and surplus: General reserve 150000 Surplus *50000 Development rebate reserve Creditors Bills payable Liabilities Share capital Subscribed and paid up capital 80,000 shares of 10 each Reserves and surplus: General reserve 300000 Surplus * 100000 Secured loans 500000 Unsecured loans Creditors Bills payable 200000 Balance sheet of Y Company Limited as on 31st December 2001 Assets Land and building Plant and machinery 30000 50000 20000 800000 800000 400000 150000 50000 60000 40000 1500000 Assets Land and building Plant and machinery Furniture You are required to pass opening journal entries i balance sheet. Investment in Government securities Stock Debtors Bank Patents Furniture Investment in other securities Stock Debtors Bank 200000 150000 50000 200000 90000 80000 30000 800000 300000 250000 150000 50000 450000 120000 90000 90000 1500000 the books of new company and also