The balance sheet of Anjana Ltd as on 31st March 2020 is as under:Equity & Liabiities Rs. Assets Rs.24,000 Equity Share @ 105,000 8% Cumulative. Preferred. Shares @ 108% Debentures Interest Accrued on DebentureCreditors2,40,00050,0001,00,0008,0001,00,0004,98,000GoodwillFixed AssetsStockDebtorsBankPreliminary ExpensesProfit & Loss A/c5,0002,57,00050,00060,0001,00015,0001,10,0004,98,000The following scheme is passed and sanctioned by the Court.(i) A new company P Ltd is formed with Rs. 3,00,000 divided into 30,000 equity shares of Rs. 10 each. (ii) The New company will acquire the assets and Liabilities of Anjana Ltd on the following terms:a) The old company’s debentures are paid by similar debentures in New Company and for outstanding interest; shares of equal amount are issued at par.b) The creditors are paid for every Rs. 100, Rs.16 in cash and 10 shares at par. c) Preference shareholders are to get equal number of equity shares at par. For arrears of dividend amounting Rs. 12,000, 5 shares are issued at par for each Rs. 100 in full satisfaction. d) The equity shares are issued one share at par for every 3 shares held. e) Expenses Rs. 8,000 are to be borne by the new company.(iii) The current assets are taken at book value (except stock which is to be reduced by Rs 3,000). The goodwill to be eliminated, balance of purchase consideration is to be attributed to fixed assets. (iv) Remaining shares of the new company are issued at par and are fully paid.​