The following are the summarized balance sheets of m ltd

Reference no: EM13579812

The following are the summarized Balance Sheets of M Ltd. and N Ltd : M Ltd. N Ltd. M Ltd. N Ltd. Rs. Rs. Rs. Rs. Share Capital 32,000 28,000 Sundry Assets 42,000 33,000 Profit and Loss A/c 5,000 - Shares in N Ltd. 20,000 Creditors 15,000 6,000 Profit and Loss A/c - 1,000 Loan-H Ltd. 10,000 - 62,000 34,000 62,000 34,000 The whole of the shares of M Ltd. are held by H Ltd. and the entire share capital of N Ltd. is held by M Ltd. A new company MN Ltd., is formed to acquire the sundry assets and creditors of M Ltd. and N Ltd. For this purpose, the sundry assets of M Ltd. are revalued at Rs. 30,000 and those of N Ltd. at Rs. 20,000. The amount of the loan due to H Ltd. is also to be discharged by way of shares in the new company. Show the journal entries necessary to close the books of N Ltd.

Reference no: EM13579812

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