X Ltd. acquired 10,000 shares of Rs.10 each in Y Ltd. on 1 January 2010. The summarized balance sheets of both the companies on 31 December 2010 were as follows:
|
Liabilities |
X Ltd. |
Y Ltd. |
Assets |
X Ltd. |
Y Ltd. |
|
Shares of 310 Each |
2,50,000 |
1,25,000 |
Fixed Assets |
2,25,000 |
2,32,500 |
|
Reserves |
1,00,000 |
75,000 |
Stock |
37,500 |
50,000 |
|
Creditors |
1,50,000 |
1,50,000 |
Debtors |
75,000 |
1,00,000 |
|
Bills Payable |
25,000 |
20,000 |
Shares in Y Ltd. |
1,62,500 |
– |
|
Bank Loan |
– |
25,000 |
Bills Receivable |
37,500 |
25,000 |
|
Profit & Loss A/c |
25,000 |
20,000 |
Cash |
12,500 |
7,500 |
|
5,50,000 |
4,15,000 |
5,50,000 |
4,15,000 |
On 1 January 2010, P&L A/c of Y Ltd. showed a debit balance of Rs.25,000. Y Ltd. made a transfer of Rs.15,000 to reserve on 31 December 2010.
Creditors of X Ltd include Rs.25,000 for goods supplied by Y on credit. Stock of Rs.20,000 in X Ltd represents unsold goods purchased from Y Ltd. who charged profit on sale of 20%.
Bills payable of Y Ltd. included Rs.15,000 accepted in favour of X Ltd. Bills receivable of 15. X Ltd. included Rs.12,500 received from Y Ltd. Ltd. & S Ltd. Prepare a consolidated balance sheet.