Question 6 consideration discharged) Ram Limited and Shyam Limited carry on business of a similar nature and it is agreed that they should amalgamate. A new company, Ram and Shyam Limited, is to be formed to which the assets and liabilities of the existing companies, with certain exception, are to be transferred. On 31 March 2015, the Summarized Balance Sheets of the two companies were as under: Liabilities Issued and Subscirbed Share Capital: 2,10,000 Ram Limited Balance Sheet as at 31 March, 2015 Assets Freehold Property, at cost Plant and Machinery, at cost less 30,000 Equity Shares of 10 each Depreciation fully paid 3.00,000 Motor Vehicles, at cost Less Dep. General Reserve 1,60,000 Inventory Profit and Loss Account 40,000 Trade Receivables Trade Payables 1.50.000 Cash at Bank 6.50,000 Shyam Limited Balance Sheet As at 31" March, 2015 Tiabilities C) Assets Issued and Subscribed Share Capital: Freehold Property, at cost 16,000 Equity Shares of 10 each, fully Paid 1,60,000 Plant & Machinery, at cost less Dep. 40.000 Trade Receivables Profit and Loss Ale 1,20,000 Cash at Bank 6% Debentures 50.000 20,000 1.20,000 1.64,000 86.000 6.50,000 ) 1,20,000 30,000 42,000 36,000 Question 6 consideration discharged) Ram Limited and Shyam Limited carry on business of a similar nature and it is agreed that they should amalgamate. A new company, Ram and Shyam Limited, is to be formed to which the assets and liabilities of the existing companies, with certain exception, are to be transferred. On 31 March 2015, the Summarized Balance Sheets of the two companies were as under: Liabilities Issued and Subscirbed Share Capital: 2,10,000 Ram Limited Balance Sheet as at 31 March, 2015 Assets Freehold Property, at cost Plant and Machinery, at cost less 30,000 Equity Shares of 10 each Depreciation fully paid 3.00,000 Motor Vehicles, at cost Less Dep. General Reserve 1,60,000 Inventory Profit and Loss Account 40,000 Trade Receivables Trade Payables 1.50.000 Cash at Bank 6.50,000 Shyam Limited Balance Sheet As at 31" March, 2015 Tiabilities C) Assets Issued and Subscribed Share Capital: Freehold Property, at cost 16,000 Equity Shares of 10 each, fully Paid 1,60,000 Plant & Machinery, at cost less Dep. 40.000 Trade Receivables Profit and Loss Ale 1,20,000 Cash at Bank 6% Debentures 50.000 20,000 1.20,000 1.64,000 86.000 6.50,000 ) 1,20,000 30,000 42,000 36,000