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15 per share of Turnaround Ltd., in full settlement of the consideration in proportion to their shareholding in
the company.
Balance Sheet of Turnaround Ltd. (Rs. in crores)
ASSETS Note No. Amount
Non-current assets
Property, Plant and Equipment 100
Current assets
Other current assets 500
600
EQUITY AND LIABILITIES
Equity
Equity share capital (of face value of Rs. 10 each) 1 10
Other equity 2 (110)
Liabilities
Non-current liabilities
Financial liabilities
Borrowings 300
Current liabilities
Current liabilities 400
600
Notes to Accounts
(Rs. in crores)
1. Share Capital:
Issued and Paid-up capital
1 crore Equity shares of Rs. 10 each fully paid up 10
(All the above shares have been issued for consideration other than
cash, to the members of Enterprise Ltd. on takeover of Division
Mobiles from Enterprise Ltd.)
2. Other Equity:
Securities Premium 15
Capital reserve [25- (600 – 700)] (125)
(110)
Working Note:
In the given case, since both the entities are under common control, this will be accounted as follows:
All assets and liabilities will be recorded at book value
Identity of reserves to be maintained.
No goodwill will be recorded.
Securities issued will be recorded as per the nominal value.
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