q.24. The following is the balance sheet of Recourse Ltd. having an authorised capitalof Rs. 2,000 Cr as on 31st March, 2010 Rin crores Rs. Ra Sources of funds: Sharehalders' lunds Share captal Lauaty sharms ot RL 20 each tuly pad in cash 500 Heserves and surplus (Revenue S00 2.000 Lan funh Setured aganst (a) faee assets Rs o0 C (bi Working capital its 200 C uwecured 1.200 2.000 4.000 Employment at funds Find assets Grovs alock Le Deprecaton 400 1.200 estment at cont Market salue 2000 o N Current asvets Cunnt ets 000 Les: Current habibes (4,000) 2000 4,000 Capital commitments Rs. 1,400 crores. The company consists of 2 divisions. L Established division whose gross bluck was . 400 erares and net biock was Rs. 60 crares, Current asets were Rs. 1000 crores and working capital was R. 2,400 crores, the entire amount being financed by sharehaiders hunds New project division to which the remaining Fixed assets, Current assets and Current labities related. The folowing scheme of reconstruction was agreed upon. a Two new companies Sunitd and Moon LId are to be furmed The authorised capital of Sunitd is to be Rs. 2.000 crores The authorised capital of Moen Ltd. is ta be ks. 1,000 crores a Moon itd. is te take over investments at Rs 1600 orores and unsecured loans at balance sheet value It is to allet equity share of Rs. 20 each at par to the members of Diverse itd insatisfaction of the amount due under the arrangement e Sun Lid. is te take over the Fined assets and net working capital of the new project division along with the secured leans and obligation for capital commitments for which Recoune Lta. is te continue to stand guarantee at book values. It is to allot one crore equity shares of Rs. 20 each an consideration to Recourse Ltd. Sun Ltd, made an isue of unsecured convertible debentures of R. 1.000 crores carrying interest at 15% per annum and having a right to convert into equity shares of Rs. 10 each at par on 31.3.2010. This issue was made to the members of Sun Ltd. asa right who grabbed the opportunity and subseribed in full a Kecourse utd, is to guarantee all liabilibes transterred to the ecompames. e Recourse Ltd. is te make a bonus issued of equity shares in the ratio of one equity share for every equity share held by making use of the Revenue seserves. Assume that the above scheme was duly approved by the Hanaurable High Cout and that there are no ether transactions enore tanation. rou are esked te L Pass journal entries in the books of Recouurse Ltd., and E Prepare the balance sheets of the three companies giving all the information required by the Companies Act, 1956 in the manner se required to the extent of available information.