The following are the balance sheets of VR Ltd. and its subsidiary RS Ltd. as at 31 March 2011:

Liabilities

V R Ltd

R S Ltd

Assets

V R Ltd

R S Ltd

Equity Share of 310 Each Fully

24,00,000

8,00,000

Machinery

15,60,000

5,40,000

Paid

General Reserve

13,60,000

3,20,000

Furniture

3,20,000

1,60,000

Profit & Loss A/c

4,00,000

2,40,000

80% Shares in RS Ltd. at Cost

13,60,000

Creditors

2,80,000

1,40,000

Stock

7,20,000

4,80,000

Debtors

2,00,000

1,20,000

Cash at Bank

2,80,000

2,00,000

44,40,000

15,00,000

44,40,000

15,00,000

The following additional information is provided to you:

  1. The P&L A/c of RS Ltd. stood at Rs.1,20,000 on 1 April 2010 whereas general reserve has remained unchanged since that date
  2. VR Ltd. acquired 80% of shares in RS Ltd. on 1 October 2010 for Rs.13,60,000. As mentioned above.
  3. Included in debtors of RS Ltd. is a sum of Rs.40,000 due from VR Ltd. for goods sold at a profit of 25% on cost price. Till 31 March 2011, only one half of the goods had been sold while the remaining goods were laying tin warehouse of VR Ltd. as on that date. Prepare the consolidated balance sheet as at 31 March 2011.