The Following are the Balance Sheets of P Ltd and Q Ltd PLtd 15,000 QLtd (Rs in Lakhs) Ltd Assets Land and Building PLtd 6,000 6,000 3.000 Liabilities Equity Share Capital (fully paid Rs. 10 each) Securities premium Foreign projects reserve General Reserve Profit and Loss Account 12% Debentures Bills payable Sundry creditors Sundry provisions 9.500 2,870 310 3.200 825 1.000 Plant and Machinery Furniture& fixtures Stock Debtors Cash at Bank Bills receivable Cost of Issue of Debeatures 14.000 2.304 7.862 2.120 1.114 5.000 1,700 4,041 1,020 609 80 - 463 & 120 1.080 1,830 33,400 702 12,500 33,400 12.500 On 1st April 2020, P Ltd took over QLtd, in an amalgamation in nature of merger. It was agreed that in discharge of consideration for the business, P Ltd would allot three fully paid Equity shares of Rs.10 each at par for every two shares held in Q Ltd. It was also agreed that 112% debentures in Q Ltd would be converted into 13% debentures in P Ltd of the same amount And denomination. Expenses of amalgamation amounting to Rs.1,00,000 were borne by P Ltd All the bills receivable held by Q Ltd were P Ltd.'s acceptances You are required to Close the books of Q Ltd, Pass Journal entries in the books of P Ltd And prepare Balance Sheet immediately after the merger