Illustration 13 The Abridged Balance Sheet (Draft) of Cyber Ltd. as on 31 March, 2012 is as under Liabilities Assets 24,000, Equity shares of 10 each 2,40,000 Goodwill 5,000 5000, 8% cumulative preference shares 50,000 Fixed Assets 2,57.000 of 10 each Inventories 50.000 8% Debentures 1,00,000 Trade receivables 60,000 Interest accrued on debentures 8,000 Bank 1,000 Trade payables 100.000 Profit & Loss Account 1.25.000 498.000 The following scheme is passed and sanctioned by the court: 0 A new company Mahal Ltd is formed with 73,00,000, divided into 30,000 Equity shares of 10 each (ii) The new company will acquire the assets and liabilities of Cyber Ltd. on the following terms: (a) Old company's debentures are paid by similar debentures in new company and for outstanding accrued interest, shares of equal amount are issued at par. (b) The trade payables are paid for every 100, 16 in cash and 10 shares issued at par. 4.98.000 i21 (c) Preference shareholders are to get equal number of equity shares at par. For arrears of dividend amounting to 12,000, 5 shares are issued at par for each 100 in full satisfaction. (d) Equity shareholders are issued one share at par for every three shares held. (e) Expenses of 8,000 are to be bome by the new company. (i) Current Assets are to be taken at book value (except Inventory, which is to be reduced by > 3,000). Goodwill is to be eliminated, balance of purchase consideration being attributed to fixed assets. (iv) Remaining shares of the new company are issued to public at par and are fully paid. You are required to show: (a) In the old company's books: (1) Realisation Account (i) Equity Shareholder's Account (b) In the new company's books: (1) Bank Account (i) Summarised Balance Sheet as per the requirements of Schedule