The following are the summarized Balance Sheets of Well Ltd. and Nice Ltd. as at 31st March, 2024 : ParticularsNotesNice Ltd. (in '000)Well Ltd. (in '000) Equity and Liabilities 1.Shareholder's funds a.Share capital141,00014,300 b.Reserves and Surplus219,500(7,350) 2.Non-current liabilities a.Long-term borrowings320,5005,425 3.Current Liabilities a.Trade Payables15,7404,850 b.Short-term Borrowings-1,975 Total96,74019,200 Assets 1.Non-current Assets a.Property, plant, and equipment462,55016,380 b.Non-current Investments22,500- 2.Current assets a.Inventories300870 b.Trade Receivables6,5901,950 c.Cash and Cash equivalents4,800- Total96,74019,200 Notes to Accounts Nice Ltd. (in '000)Well Ltd. (in '000) 1.Share Capital Equity Share Capital Issued, subscribed & paid up capital Equity Shares of ₹100 each31,50012,500 Preference Share Capital Issued, subscribed & paid up capital 9% Preference Shares of ₹100 each9,500 10% Preference Shares of ₹100 each1,800 Total41,00014,300 2.Reserves and Surplus Balance of Profit and Loss A/c19,500(7,350) 3.Long-term borrowings 9% Debentures of ₹100 each11,200 10% Debentures of ₹100 each900 Loan from Banks9,3004,525 20,5005,425 Details of Trade receivables and Trade payables are as under : Nice Ltd. (in '000)Well Ltd. (in '000) 1.Trade receivables Debtors6,2001,800 Bills Receivables390150 6,5901,950 2.Trade payables Creditors14,7504,400 Bills Payables990450 15,7404,850 On 31.03.2024, Nice Ltd. absorbs the business of Well Ltd. on the following terms: • For every five equity shares held by the equity shareholders of Well Ltd., they receive three equity shares of Nice Ltd. issued at a premium of ₹20 per share. • The 10% debenture-holders of Well Ltd. were to be allotted such 9% debentures in Nice Ltd. as would bring the same amount of interest. • 10% Preference Shareholders of Well Ltd. are to be paid at 10% discount by issue of 9% Preference Shares at par in Nice Ltd. • Banks agreed to waive off the loan of ₹270 thousand of Well Ltd. • Expenses of Liquidation of Well Ltd. are to be reimbursed by Nice Ltd. ₹55 thousand. • Inventory of Well Ltd. is taken over at 10% more than their book value by Nice Ltd. • Debtors of Nice Ltd. include ₹215 thousand receivables from Well Ltd. • Property, Plant, and Equipment of Well Ltd. are revalued at 20% abo their book value. • The remaining Assets and Liabilities of Well Ltd. are taken over at book value by Nice Ltd. You are required to : 1. Record Journal Entries in the books of Nice Ltd. 2. Prepare Balance Sheet of Nice Ltd. after absorption as at 31 March, 2024.