Question 46. Exe Limited was wound up on 31.3.2013 and its summarized Balance Sheet as on that date was given below: Balance Sheet of Exe Limited as on 31.3. 2013 Assets Liabilities 9,64,000 Share capital: Fixed assets 12,00,000 Current assets: Inventory 42,000 Trade receivables 2,70,000 Cash at bank 2,52,000 7,75,000 1,82,000 3,29,000 12,86,000 1,20,000 Equity shares of 10 each Reserves and surplus: Profit prior to incorporation Contingency reserve Profit and loss A/C Current liabilities: Trade payables Provisions: Provision for income tax 2,66,000 22,50.000 2,20,000 22,50,000 The details of Trade receivables and trade payables are as under: Trade receivables Sundry debtors Less: Provision for bad and doubtful debts Bills receivable 1,60,000 (8,000) 1,52,000 30,000 1,82,000 Trade payables Bills payable Sundry creditors 40.000 2,26,000 2.66,000 Wye Limited took over the following assets at values shown as under: Fixed assets 312,80,000, Inventory 37,70,000 and Bills Receivable 730,000. 25,10,000 of the consideration was satisfied by the allotment of fully paid 10% Preference shares es Purchase consideration was settled by Wye Limited as under: of 100 each. The balance was settled by issuing equity shares of 10 each at 8 per share paid Trade receivables realised 1,50,000. Bills payable was settled for 38,000. Income tax authorities fixed the taxation liability at *2,22,000. Creditors were finally settled with the cash remaining after meeting liquidation expenses up. 11 amounting to 8,000. IS You are required to: 9) Calculate the number of equity shares and preference shares to be allotted by wye 1) Prepare the Realisation account, Cash/Bank account, Equity shareholders account and Limited in discharge of purchase consideration. Wye Limited account in the books of Exe Limited. Limited