Q.20) Do you agree with the view that social media is a 'double edged sword'? Discuss in the context of its impact on Indian society.

Linked PYQ

(a) The following is the Balance Sheet of XYZ Ltd. as at 31st March 2017. Liabilities | Rs. | Assets | Rs. - 20,000 Equity shares of Rs.100 each: 20,00,000 | Goodwill: 25,000; Land & Buildings: 1,50,000; Plant & Machinery: 3,00,000; Furniture: 80,000; Stock: 2,70,000; Debtors: 60,000; Cash at Bank: 35,000; Preliminary expenses: 20,000; Profit & Loss A/c: 19,80,000; 12% Debenture: 5,00,000; Outstanding debentures interest: 1,20,000; Creditors: 3,00,000. Total 29,20,000 | 29,20,000. The following is the scheme of reconstruction: (i) Equity shares are reduced by Rs.95 per share. They are, then, consolidated into 10,000 equity shares of Rs.10 each. (ii) Debenture holders agree to forego outstanding debenture interest. As a compensation, 12% debentures are converted into 14% debentures, the amount remaining Rs.5,00,000. (iii) Creditors are given the option to either accept 50% of their claim in cash in full settlement or to convert their claim into equity shares of Rs.10 each. Creditors for Rs.2,00,000 opt for shares in satisfaction of their claims. (iv) To make payment to creditors opting for cash payment and to augment working capital, the company issues 50,000 equity shares of Rs.10 each at par, the entire amount being payable along with applications. The issue was fully subscribed. (v) Land and Buildings are revalued at Rs.2,00,000 whereas plant and machinery is to be written down to Rs.2,10,000. A provision amounting to Rs.5,000 is to be made for doubtful debts. Pass necessary journal entries and prepare the company's balance sheet immediately after the reconstruction.