On 31 March 2010, P Ltd acquired 4,20,000 shares of Q Ltd for Rs.48,00,000. The balance sheet of Q Ltd on that date was as follows:
|
Liabilities |
Assets |
||
|
6,00,000 Equity Shares of 310 Each Fully |
60,00,000 |
Fixed Assets |
42,00,000 |
|
Paid |
|
|
|
|
Pre-incorporation Profits |
1,20,000 |
Current Assets |
25,80,000 |
|
Profit & Loss A/c |
2,40,000 |
|
|
|
Creditors |
4,20,000 |
|
|
|
|
67,80,000 |
|
67,80,000 |
On 31 March 2011, the balance sheets of two companies were as follows:
|
Liabilities |
P Ltd |
Q Ltd |
Assets |
P Ltd |
Q Ltd |
|
|
Rs. |
Rs. |
|
Rs. |
Rs. |
|
Equity Shares of ;10 Each |
1,80,000 |
60,00,000 |
Fixed Assets |
3,16,80,000 |
92,40,000 |
|
Fully Paid (BeforeBonus |
|
|
|
|
|
|
Issue) |
|
|
|
|
|
|
Securities Premium |
36,00,000 |
– |
4,20,000 Equity Shares in Q |
48,00,000 |
– |
|
|
|
|
Ltd at Cost |
|
|
|
Pre-incorporation Profits |
– |
1,20,000 |
Current Assets |
1,76,40,000 |
70,20,000 |
|
General Reserve |
2,40,00,000 |
76,20,000 |
|
|
|
|
Profit & Loss A/c |
63,00,000 |
16,80,000 |
|
|
|
|
Creditors |
22,20,000 |
8,40,000 |
|
|
|
|
|
5,41,20,000 |
1,62,60,000 |
|
5,41,20,000 |
1,62,60,000 |
Directors of Q Ltd made bonus issue on 31 March 2011 in the ratio of one equity share of Rs.10 each fully paid for every two equity shares held on that date. Calculate as on 31 March 2011:
- Cost of control/capital reserve
- Minority interest
Prepare a consolidated balance sheet after the bonus issue.