The following are the balance sheets of H Ltd. and S Ltd. as on 31 March 2011:
|
.Liabilities |
H Ltd. |
S Ltd. |
Assets |
H Ltd |
S Ltd. |
|
;hare Capital2250 Each |
27,00,000 |
9,00,000 |
Land & Buildings |
18,54,000 |
5,40,000 |
|
:Lilly Paid |
|||||
|
Reserve |
17,10,000 |
36,000 |
Machinery |
5,40,000 |
4,86,000 |
|
Profit & Loss A/c |
14,40,000 |
6,48,000 |
Debtors |
10,80,000 |
2,40,000 |
|
.Loan from 5 Ltd. |
34,200 |
– |
Stock |
6,12,000 |
3,60,000 |
|
Creditors |
2,37,600 |
2,89,000 |
Investment in Shares of 5 |
14,40,000 |
– |
|
Bank |
5,95,800 |
1,99,800 |
|||
|
Loan to H Ltd. |
– |
48,000 |
|||
|
61,21,800 |
18,73,800 |
61,21,800 |
18,73,800 |
Additional information:
- H Ltd. acquired 80% of Shares of S Ltd. on 1 April 2010, when the balances of Reserve and P&L A/c were Rs.36,000 and Rs.5,04,000, respectively.
- Land and Buildings of S Ltd. whose book value on 1 April 2010 was Rs.5,76,000 and Rs.5,04,000, respectively.
- Machines of S Ltd. whose book value was Rs.5,40,000 on 1 April 2010 was revalued as Rs.7,20,000 but no entry was made in this regard.
- S Ltd. declared an interim dividend of 16% during the year ending 31 March 2011 and a final dividend of 6% an account of the year ended 31 March 2010. H Ltd. credited the entire amount of dividends received from S Ltd. to its profits & loss A/c.
- Stock of H Ltd. includes goods worth Rs.54,000 supplied by S Ltd.
- Sundry creditors of H Ltd. include Rs.1,08,000 for purchases from S Ltd. on which H Ltd. made a profit of Rs.27,000.
On 31 March 2011, H Ltd. remitted cash of Rs.15,600 for loan received from S Ltd. Interest accrued Rs.1,800 for loan to H Ltd. has not been provided by S Ltd. Prepare consolidated balance sheet of H Ltd. and its subsidiary S Ltd. as on 31 March 2011.