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प्रश्न
Balance Sheet of K.G.Ltd. as on 31-12-2017
| Liabilities | Rs. | Assets | Rs. |
| Share Capital | 1,10,00,000 | Block Account | 84,50,000 |
| 5% Debentures | 10,00,000 | Stocks | 18,00,000 |
| Interest accrued on | 2,00,000 | Book Debts | 10,00,000 |
| Creditors | 8,00,000 | Investments | 2,00,000 |
| Cash | 50,000 | ||
| Profit and Loss A/c | 15,00,000 | ||
| 1,30,00,000 | 1,30,00,000 |
It is decided to reconstruct the company and for this purpose the following scheme was duly approved.
(1) A new company under the name 'Krishna Ltd.' is to be formed with an authorized capital of Rs. 1,00,00,000 in shares of Rs.10 each to take over the business.
(2) Ten fully paid shares in the new company ate to be issued for every six ordinary shares in the old company.
(3) Fifteen fully paid shares in new company are to be issued for every five preference shares in old company.
(4) Debentures are to be paid-off by the new company at a premium of 10%.
(5) Creditors are to receive 80% of their claim in fully paid shares in the new company in full settlement.
(6) The arrears of preference hare dividends are to ~e discharged by the issue of three fully paid shares in the new company' for each Preference shares in the old company.
(7) The liquidation expenses of the old company amoμnting to Rs. 5,000 are to be paid by the new company.
(8) The Authorized and Issued Share Capital of the ·company consist of 50,000 .6% Preference Shares of Rs100 each fully:-paid, and 60,000 Ordinary Shares of Rs 100 each fully paid. The dividend on cumulative Preference· Shares has been in arrears for several years.
Close the books of K.G. Ltd
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उत्तर १
Solution : Working Note :
(l)Calculation of Purchase Consideration.
| No | Particulars | Amount | Mode of Payment |
| 1. | For Equity Shares : | ||
| Old -New | |||
| 6 - 10 | |||
| ∴ 60,000 - 1,00,000 at Rs.10 each | 10,00,000 | Equity shares of K Ltd. | |
| 2 | For Preference Shares : | ||
| Old - New | |||
| 5 - 15 | |||
| ∴ 50,000-1,50,000 at Rs.10 each | 15,00,000 | Equity Shares in KLtd. | |
| 3. | Debtors : (10,00,000 + 10% of -10,00,000) ∴ (Rs.10,90,000 + Rs. 1,00,000) | 11,00,000 | Cash |
| 4 | Creditors: -(8,00,000 - 20% of 8,00,000), | 6,40,000 | Equity Shares in K Ltd |
| 5. | For Arrears of Dividend : | ||
| Old -New | |||
| 1 - 3 | |||
| ∴ 50,000 - 1,50,000 at Rs 10 each | 15,00,000 | Equity Shares in K Ltd | |
| Total | 57,40,000 |
Books of K.G. Ltd.
Realisation A/c
| Particulars | Rs. | Particulars | Rs. |
| To Block A/c | 84,50,000 | By krishna Ltd. A/c | 57,40,000 |
| To Stock A/c | 18,00,000 | (Purchase Consideration) | |
| To Book Debts A/c | 10,00,000 | By Preference Shareholders | 35,00,000 |
| To Investment A/c | 2,00,000 | By Deberitureholder A/c | 1,00,000 |
| To Cash A/c | 50,0OO | By Creditors A/c | 1,60,000 |
| To Arrears of Preference Dividend A/c | 15,00,000 | ByEquityShareholders A/c (Loss) | 35,00,000 |
| 1,30,00,000 | 1,30,00,000 |
उत्तर २
Solution : Working Note :
(l)Calculation of Purchase Consideration.
| No | Particulars | Amount | Mode of Payment |
| 1. | For Equity Shares : | ||
| Old -New | |||
| 6 - 10 | |||
| ∴ 60,000 - 1,00,000 at Rs.10 each | 10,00,000 | Equity shares of K Ltd. | |
| 2 | For Preference Shares : | ||
| Old - New | |||
| 5 - 15 | |||
| ∴ 50,000-1,50,000 at Rs.10 each | 15,00,000 | Equity Shares in KLtd. | |
| 3. | Debtors : (10,00,000 + 10% of -10,00,000) ∴ (Rs.10,90,000 + Rs. 1,00,000) | 11,00,000 | Cash |
| 4 | Creditors: -(8,00,000 - 20% of 8,00,000), | 6,40,000 | Equity Shares in K Ltd |
| 5. | For Arrears of Dividend : | ||
| Old -New | |||
| 1 - 3 | |||
| ∴ 50,000 - 1,50,000 at Rs 10 each | 15,00,000 | Equity Shares in K Ltd | |
| Total | 57,40,000 |
Books of K.G. Ltd.
Realisation A/c
| Particulars | Rs. | Particulars | Rs. |
| To Block A/c | 84,50,000 | By krishna Ltd. A/c | 57,40,000 |
| To Stock A/c | 18,00,000 | (Purchase Consideration) | |
| To Book Debts A/c | 10,00,000 | By Preference Shareholders | 35,00,000 |
| To Investment A/c | 2,00,000 | By Deberitureholder A/c | 1,00,000 |
| To Cash A/c | 50,0OO | By Creditors A/c | 1,60,000 |
| To Arrears of Preference Dividend A/c | 15,00,000 | ByEquityShareholders A/c (Loss) | 35,00,000 |
| 1,30,00,000 | 1,30,00,000 |
Equity Shareholders A/c
| Particulars | Rs. | Particulars | Rs. |
| To Profit and Loss A/c | 15,00,000 | By Equity Share Capital A/c | 60,00,000 |
| To Equity Shares in Krishna Ltd. |
10,00,000 | ||
| To Realisation A/c | 35,00,000 | ||
| 60,00,000 | 60,00,000 |
Preference Shareholders A/c
| Particulars | Rs | Particulars | Rs |
| To Equity Shares 1n Krishna Ltd. | 15,00,000 | By Pref. Share Capital A/c | 50,00,000 |
| To Equity Shares 1n Krishna Ltd. | By Arrears of Pref.Dividend | 15,00,000 | |
| To Realisation A/c | 35,00,000 | ||
| 65,00,000 | 65,00,000 |
Debentureholders A/c
| Particulars | Rs | Particulars | Rs |
| To Cash | 11,00,000 | By Debentures A/c | 10,00,000 |
| To Realisation A/c | 1,00,000 | By Interest on Debentures | 2,00,000 |
| 12,00,000 | 12,00,000 |
Krishna Ltd. A/c
| Particulars | Rs | Particulars | Rs |
| To Realisation A/c | 57,40,000 | By Equity Shares in Krishna Ltd. | 46,40,000 |
| By Cash A/c | 11,00,000 | ||
| 57,40,000 | 57,40,000 |
Creditors A/c
| Particulars | Rs | Particulars | Rs |
| To Equ1ty Shares In Krishna Ltd. A/c |
6,40,000 | By Balance b/d | 8,00,000 |
| To Realisation A/c | 1,60 000 | ||
| 8,00,000 | 8,00,000 |
Cash A/c
| Particulars | Rs | Particulars | Rs |
| To Krishna Ltd. A/c | 11,00,000 | By Debentureholders A/c | 11,00,000 |
| 11,00,000 | 11,00,000 |
