Following are the balance sheets of H Ltd and S Ltd as

Liabilities

H Ltd
Rs.

S Ltd
Rs.

Assets

H Ltd
Rs.

S Ltd
Rs.

Equity Shares Capital of f. 10

18,00,000

3,00,000

Land & Building

6,00,000

3,00,000

Each Fully Paid

General Reserve

1,50,000

90,000

Machineries

8,40,000

1,50,000

Profit & Loss A/c

2,40,000

1,20,000

21,000 Shares of 5 Ltd

3,00,000

Sundry Creditors

3,00,000

1,20,000

Stock

2,10,000

1,20,000

Bills Payable

30,000

45,000

Debtors

4,50,000

60,000

Bills Receivable

30,000

Cash at Bank

90,000

45,000

25,20,000

6,75,000

25,20,000

6,75,000

Additional information:

  1. All the bills receivable of H Ltd including those discounted were accepted by S Ltd
  2. When 18,000 shares were acquired by H Ltd in S Ltd, it had Rs.60,000 general reserve and Rs.15,000 credit balance in P&L A/c
  3. At the time of acquisition of further 3,000 shares by H Ltd, S Ltd had Rs.75,000 general reserve and Rs.84,000 credit balance in P&L A/c from which 20% dividend was paid by S Ltd and dividend received by H Ltd on these shares were credited to P&L A/c
  4. Stock of S Ltd includes Rs.60,000 purchased from H Ltd which has made 25% profit on cost
  5. Both companies have proposed dividend—H Ltd 10%; S Ltd 15% but no effect has been given in the above balance sheets

Prepare consolidated balance sheet as at 31 March 2011.