Model: Common transactions (Bills and debtorsand creditors) H Ltd. acquired 4,000 equity shares of S Ltd. on 31 March 2010. The following are the balance sheets of the two companies as at 31 March 2011:
|
Liabilities |
H Ltd. |
S Ltd. |
Assets |
H Ltd. |
S Ltd. |
|
Equity Shares of Rs.100 |
10,00,000 |
5,00,000 |
Land & Buildings |
2,50,000 |
1,50,000 |
|
Each |
|||||
|
General Reserves 31 |
2,00,000 |
1,00,000 |
Plant & Machinery |
2,50,000 |
3,00,00 |
|
March-10 |
|||||
|
Stock |
75,000 |
50,000 |
|||
|
Profit & Loss A/c |
50,000 |
30,000 |
Sundry Debtors |
50,000 |
60,00 |
|
31 March, 2010 |
|||||
|
Profit for the Year |
1,00,000 |
40,000 |
Investment in Shares of |
5,00,000 |
— |
|
2010-11 |
S Ltd |
||||
|
Sundry Creditors |
50,000 |
50,000 |
Bills Receivable |
40,000 |
5,000 |
|
Bills Payable |
15,000 |
5,000 |
Cash & Bank |
2,50,000 |
1,60,000 |
|
14,15,000 |
7,25,000 |
14,15,000 |
7,25,000 |
- Bills receivable of H Ltd include Rs.5000 accepted by S Ltd.
- Sundry debtors of H Ltd include Rs.25,000 due from S Ltd.
Prepare a consolidated balance sheet of H Ltd. and its subsidiary S Ltd.