Balance Sheet as on 31st March, 2011
|
Liabilities |
H Ltd. |
S Ltd. |
|
Rs |
Rs |
|
|
Share capital: |
|
|
|
6% preference shares of 10 each |
— |
1,60,000 |
|
Equity shares of 10 each |
6,00,000 |
2,00,000 |
|
General reserve |
1,00,000 |
80,000 |
|
Profit and loss account |
2,00,000 |
90,000 |
|
6% Debentures of 10 each |
— |
40,000 |
|
Proposed dividend: |
|
|
|
on equity shares |
60,000 |
20,000 |
|
on preference shares |
— |
9,600 |
|
Debentures interest accrued |
— |
2,400 |
|
Sundry creditors |
2,94,000 |
1,25,000 |
|
|
12,54,000 |
7,27,000 |
|
Assets |
||
|
Fixed assets |
5,00,000 |
4,40,000 |
|
15,000 equity shares in S Ltd. |
3,30,000 |
— |
|
12,000 preference shares in S Ltd. |
1,20,000 |
— |
|
1,000 6% debentures in S Ltd. |
10,000 |
— |
|
Current assets |
2,94,000 |
2,87,000 |
|
|
12,54,000 |
7,27,000 |
Other information is as under:
(i) The general reserve of S Ltd. as on 1.4.2010 was Rs.80,000.
(ii) H Ltd. acquired the shares in S Ltd. on 1.4.2010
(iii) The balance of profit and loss account of S Ltd. is made up as follows:
|
Balance as on 1.4.2010 |
56,000 |
|
Net profit for the year ended 31.3.2011 |
63,600 |
|
1,19,600 |
|
|
Less: Provision for proposed dividend |
29,600 |
|
90,000 |
(iv) The balance of profit and loss account of S Ltd. as on 1.4.2010 is after providing for preference dividend of Rs.9,600 and proposed dividend of Rs.10,000 both of which were subsequently paid and credited to profit and loss account of H Ltd.
(v) No entries have been made in the books of H Ltd. for debentures interest due from or proposed dividend of S Ltd. for the year ended on 31.3.2011.
(vi) S Ltd. has issued fully paid bonus shares of Rs.40,000 on 31.3.2011 among the existing shareholders by drawing upon the general reserve. The transaction has not been given effect to in the books of S Ltd.
You are required to prepare the consolidated balance sheet of H Ltd. with its subsidiary S Ltd. as on 31st March, 2011.