The Balance Sheets of Aqua Ltd. and Baqa Ltd. as on the dates of last closing of accounts are…

The Balance Sheets of Aqua Ltd. and Baqa Ltd. as on the dates of last closing of accounts are as
Aqua Ltd. Baqa Ltd.
as on 31.03.2017 as on 31.12.2016
` `
Share capital (equity shares of `10 each) 11,00,000 5,00,000
Accumulated Profits & Reserves 4,50,000 2,05,000
15% `100 non-convertible debentures – 3,00,000
Accounts Payable 4,80,000 2,80,000
Other liabilities 1,00,000 40,000
Tax Provision 1,50,000 2,50,000
Total 22,80,000 15,75,000
Fixed Assets at Cost 8,45,000 5,26,500
Less: Depreciation (1,95,000) (1,21,500)
6,50,000 4,05,000
40,000 shares in Baqa Ltd. 8,00,000 –
1,000 debentures in Baqa Ltd. 1,50,000 –
Current Assets:
Inventories 2,00,000 3,50,000
Accounts Receivable 2,50,000 4,65,000
Cash & Bank 2,30,000 3,55,000
Total 22,80,000 15,75,000
The following information is also available:
1. On 8th February, 2017 there was a fire at the factory of Baqa Ltd., resulting in inventory worth
` 20,000 being destroyed. Baqa received 75 per cent of the loss as insurance.
2. The same fire resulted in destruction of a machine having a written down value of ` 1,00,000.
The Insurance company admitted the Company’s claim to the extent of 80 per cent. The machine
was insured at its fair value of ` 1,50,000.

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