X Ltd. agrees to acquire Y Ltd. on 31.12.02 on which date their Bal ance Sheets stand as under: X Lid 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 of Rs. 10 each. 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 The bills payable of X Ltd. include Rs. 8,000 due to Y Ltd. and sundry debtors of X Ltd. include Rs. 15,000 due 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.