The following are the balance sheets of B Ltd. and V Ltd. as on 31 December 2010:
|
Liabilities |
B Ltd. |
V Ltd. |
Assets |
B Ltd. |
V Ltd. |
|
Equity Shares of: 100 Each |
15,00,000 |
6,00,000 |
Fixed Assets |
10,50,000 |
4,50,000 |
|
Fully Paid |
|||||
|
General Reserve |
3,00,000 |
– |
Stock |
2,70,000 |
1,20,000 |
|
Profit & Loss A/c |
2,40,000 |
– |
Debtors |
1,80,000 |
90,000 |
|
14% Debentures |
– |
3,00,000 |
14% Debentures in V Ltd. at pail |
1,80,000 |
– |
|
Creditors |
2,25,000 |
1,35,000 |
Equity Shares in V Ltd.@ |
3,60,000 |
– |
|
80 per Share) |
|||||
|
Bank |
2,25,000 |
75,000 |
|||
|
Profit & Loss A/c |
– |
3,00,000 |
|||
|
22,65,000 |
10,35,000 |
22,65,000 |
10,35,000 |
B Ltd. acquired these 4,500 shares on 1 May 2010. The profit & loss A/c of V Ltd. showed a debit balance of Rs.4,50,000 on 1 January 2010. During March 2010, goods costing Rs.18,000 were destroyed against which the insurance company paid only Rs.6,000 to V Ltd. Creditors of V Ltd. include Rs.60,000 for goods supplied by B Ltd. on which V Ltd. made a profit of Rs.6,000. Half of the goods were sold out of this. An item of plant (included in fixed assets) V Ltd. had book value of Rs.45,000 was to be revalued at Rs.60,000 on 1 January 2010 (ignore depreciation). Prepare the consolidated balance sheet.