H Ltd. acquired 15,000 equity shares in S Ltd. on 1 April 2010. On 31 December 2010, the balance sheet of S Ltd. was as follows:
|
Liabilities |
Assets |
||
|
Shares Capital: |
Sundry Assets |
32,00,000 |
|
|
20,000 Equity |
20,00,000 |
||
|
Shares of 2100 |
|||
|
Each R |
|||
|
General Reserve on 1 January |
4,00,000 |
||
|
2010 |
|||
|
P&L A/c Z. |
|||
|
Balance on 1 |
|||
|
January 2010 1,00,000 |
|||
|
Profit for 2010 |
5,00,000 |
||
|
4 00 000 |
|||
|
Sundry Creditors |
3,00,000 |
||
|
32,00,000 |
32,00,000 |
Ascertain capital profits and revenue profits.