The following are the balance sheets of H Ltd. and S Ltd. on 31 December 2010:

Liabilities

H Ltd.

S Ltd.

Assets

H Ltd.

S Ltd.

Share Capital:

Goodwill

15,000

10,000

Shares of 310 Each

3,00,000

1,25,000

Fixed Assets

2,90,000

1,00,000

General Reserve

80,000

47,500

Stock

80,000

40,000

Profit for the Year

1,10,000

60,000

Investments in 7,500 Shares of S Ltd.

1,00,000

Bills Payable

10,000

Bills Receivable

7,500

Sundry Creditors

50,000

17,500

Sundry Debtors

40,000

57,500

Cash in Hand

25,000

35,000

5,50,000

2,50,000

5,50,000

2,50,000

  1. H Ltd. acquired the shares of S Ltd. on 1 September 2010
  2. Bills payable of H Ltd. was wholly in favour of S Ltd.
  3. Debtors of S Ltd. include Rs.7,500 owed by H Ltd.
  4. Stock of H Ltd. includes Rs.5,000 worth of goods bought from S Ltd. on which the latter company has made a profit of 25% on cost. Prepare the consolidated balance sheet.