X Ltd. agrees to acquire Y Ltd. on 31.12.02 on which date their Bal- ance Sheets stand as under: X Ltd Y Ltd Rs. Rs. Liabilities Share Capital: Equity Shares of Rs. 10 each Profit & Loss A/c Sundry Creditors Bills Payable Assets Fixed Assets Stock 2,00,000 1,00,000 Debtors 60,000 40,000 Bills Receivable 75,000 35,000 Bank 15,000 5,000 3,50,000 1,80,000 X Ltd Rs. Y Ltd Rs 1,00,000 70,000 93,000 30,000 90,000 50,000 47,000 22,000 20,000 8,000 3,50,000 1,80,000 The purchase consideration is Rs. 1,60,000 payable on equity shares of Rs. 10 each. The bills payable of X Ltd. include Rs. 8,000 due to Y Ltd. and sundry debtors of X Ltd. include Rs. 15,000 du from Y Ltd. The stock of X Ltd. in- cludes Rs. 11,000 worth of goods purchased from Y Ltd. on which Y Ltd. made a profit of 10% on cost and the stock of Y Ltd. includes Rs. 20,000 worth of goods purchased from X Ltd. on which X Ltd. made a profit of 10% on sale price. Pass Journal entries in the books of both the companies. Also prepare the Balance Sheet of X Ltd. alter the acquisition.