Following was the Balance Sheet of M/s. A and B as on 31.3.2015. Liabilities Current Liabilities Assets 30,000 Fixed Assets General Reserve Capitals: A B 1,00,000 36,000 Stock 60,000 1,00,000 Debtors 25,000 64,000 Less: RBD Bills Receivable 1,000 24,000 20,000 Bank 26,000 2,30,000 2,30,000 P Ltd. acquired this business on the above date and the terms were: 1) Fixed assets to be valued at 20% more than the book value. 21 Stock to be valued at 90% of book value. RBD to be 10% on debtors. The purchase consideration was to be settled by the issue of 20,000 equity shares of 10 each valued at 12 each. Pass journal entries in the books of P ltd. and prepare the opening balance sheet of P ltd. (Ans: PC 2,40,000, Realisation Profit 36,000, Partners Capital A/e Bank bal. A B 1,690, and Bank A/c 30,000, Final Claim Ratio 34: 25, G/w 2,310, 23,500, and B/s ? 2.40,000)