Intelligent Limited and Diligent Limited are carrying their business independently for last two years. Following financial information in respect of both the companies as at 31st March, 2024 has been given to you: Particulars Intelligent Limited (₹) Diligent Limited (₹) Equity Shares Capital of ₹ 100 each 12,00,000 10,00,000 8% Preference shares of ₹ 100 each 3,00,000 2,00,000 Trade Payables 12,00,000 4,00,000 Retirement Gratuity Fund (Long Term) 3,00,000 2,00,000 Profit and Loss Account Opening balance 4,50,000 2,50,000 Profit for the current year 2,50,000 1,50,000 Land and Buildings 10,00,000 8,00,000 Plant and Machinery 10,00,000 6,00,000 Inventories 7,00,000 4,00,000 Trade Receivables 6,00,000 3,00,000 Cash and Bank 4,00,000 1,00,000 On 1st April, 2024, both the companies agreed to amalgamate and form a new company 'Genius Limited, with an authorized capital of ₹ 40,00,000 divided into 30,000 equity shares of ₹ 100 each and 10,000 8% preference shares of ₹ 100 each. The amalgamation has to be carried out on the basis of following agreement: (1) Assets of both the companies were to be revalued as follows: Particulars Intelligent Limited (₹) Diligent Limited (₹) Land and Buildings 11,00,000 8,50,000 Plant and Machinery 9,00,000 4,00,000 Inventories 6,00,000 3,00,000 (2) Trade payables of Intelligent Limited includes ₹1,00,000 due to Diligent Ltd. and the Trade receivables of Diligent Limited shows ₹ 1,00,000 receivables from Intelligent Limited. (3) The purchase consideration is to be discharged in the following manner: (i) Issue 22,000 Equity Shares of ₹ 100 each fully paid up in the proportion of the sum of their profitability in the preceding two financial years. (ii) Preference shareholders of both companies are issued equivalent number of 8% Preference Shares of ₹ 100 each of Genius Limited at a price of ₹ 125 per share. (iii) 12% debentures of ₹ 100 each in Genius Limited at par to provide an income equivalent to 10% return on the basis of net assets in their respective business as on 1st April, 2024 after revaluation of assets. You are required to: