80.2K

Verified Solution

Link Copied!

Add: Share of Revenue Reserve / Profit from Y Ltd. Consolidated Balance Nil 30,00,000 6,40,000 44,60,000 6. Consolidation Balance Sheet of X Ltd. and its subsidiary Y Ltd. as at 31.03.2009 Rs. Assets Rs. 37,92,000 2,89,70,000 Liabilities Share Capital: Equity Share Capital Reserves & Surplus General Reserves Profit and Loss Account Minority Interest Current Liabilities Sundry Creditors (17,90,000 + 7,00,000) B/P (1,70,000-50,000 (Mutual Owings) 3,00,00,000 Fixed Assets: Goodwill on Consolidation 30,00,000 Other Fixed Assets 44,60,000 1,50,00,000+1,44,70,000-5,00,000 34,62,000 (Revaluation Loss)] Current Assets Sundry Debtors (25,0,000+18,00,000 24,90,000 Stock in Trade [40,00,00+20,00,000] 1,20,000 Cash at Bank [2,00,000+2,00,000] B/R (1,20,00 - 50,000 (Mutual Owings) 4,35,32,000 Total 43,00,000 60,00,000 4,00,000 70,000 Total 4,35,32,000 Contingent Liability for Bills Discounted Rs. 60,000 Note : Fixed Assets have been revalued for the purpose of Consolidation and the depreciation on the revaluation loss has been ignored as its specifically stated in the problem. Q. 30. The following are the Balance Sheets of L Ltd. and MLtd. as at 31.03.2009. Liabilities L Ltd. M Ltd. Assets L Ltd. M Ltd. 98,000 7,000 Equity Share Capital (Rs. 10) Profit & Loss Account Sundry Creditors Total 80,000 22,000 3,000 1,05,000 1,00,000 Shares in Monu Ltd 30,000 Cash 8,000 Other Assets 1,38,000 Total 4,000 1,34,000 1,38,000 1,05,000 1. Net Profit during 2008-09 included above were: L Ltd. Rs.18,000; M Ltd. Rs. 12,000. 2. During 2008-09, M Ltd.credited Rs. 3,000 to its P & L Account in settlement of a claim of loss of stock (costing Rs. 5,400 - included in opening stock) by fire on 30.06.2008. 3. Rs. 250 p.m. expenses incurred by L Ltd. on behalf of M Ltd. has been debited to the Profit & Loss Account of L Ltd. and left unrecorded for in the books of M Ltd. 4. Both the Companies have proposed a dividend of 10% which is yet to be recorded. 5. On 01.04.2008, L Ltd., was formed and on the same day it acquired 4,000 Shares of M Ltd. at Rs. 55,000. n22 6. On 31.07.2008, 10% dividend was received from M Ltd. and also Bonus Share at 1:4 was received. The dividend was credited to Profit & Loss Account. 7. On 31.8.2008, L Ltd. purchased another 3,000 Shares of M Ltd. at Rs. 43,000. Draft a Consolidated Balance Sheet for the above Group

Answer & Explanation Solved by verified expert

See Answer