Model: Miscellaneous expenditure and unclaimed dividend The following are the balance sheets of H Ltd. and its subsidiary S Ltd. as on 31 December 2010:
|
Liabilities |
H Ltd. |
S Ltd. |
Assets |
H Ltd. |
S Ltd. |
|
Share Capital (Z10 Share) |
3,00,000 |
1,00,000 |
Machinery |
1,50,000 |
50,000 |
|
Furniture |
35,000 |
22,500 |
|||
|
General Reserve |
75,000 |
35,000 |
70% Shares in S Ltd. at Cost |
1,30,000 |
|
|
Profit & Loss A/c |
35,000 |
25,000 |
Stock |
87,500 |
94,500 |
|
Creditors |
45,000 |
27,500 |
Debtors |
27,500 |
15,000 |
|
Unclaimed Dividends |
2,500 |
Bank |
20,000 |
2,500 |
|
|
Preliminary Expenses |
3,000 |
||||
|
Bills Receivable |
5,000 |
2,500 |
|||
|
4,55,000 |
1,90,000 |
4,55,000 |
1,90,000 |
H Ltd. acquired the shares of S Ltd on 31 March 2010. On 1 January 2010, S Ltd.’s general reserve stood at Rs.30,000 and P&L A/c at Rs.10,000. No part of the preliminary expenses was written off during the year 2010. Prepare a consolidated balance sheet of H Ltd. and its subsidiary S Ltd. as at 31 December 2010.