1,06,000 Minority Interest Current Liabilities B/P (10,000+15,000 - 10,000 (Mutual)] Trade Creditors (1,00,000 + 40,000) Proposed Dividend (M Ltd.) 51,000 Current Assets Stock in Trade (70,000+40,000-4,000 15,000 (Stock Reserve) 1,40,000 Trade Debtors (1,50,000+20,000] 60,000 B/R (10,000 - 10,000 (Mutual Owings)] Cash at Bank (30,000+15,000] 9,60,700 Total 1,70,000 Nil 45,000 9,60,700 Total Notes: Balance Sheet items have been consolidated on line-by-line addition basis. Stock Reserve i.e. unrealized profits on Closing Stock have been eliminated in full Group reserves as it relates to downstream transaction (ie. Holding to Subsidiary). Inter-Company Owins have been eliminated in full. Q. 32. Z Ltd. acquired 60% of shares of P Ltd. as on 30th June, 2005. As on 31st December, 2007, Balance Sheet of P Ltd. shows a blance in General Reserves Rs. 2,00,000 and in Profit and Loss Account Rs. 20,000. Subsequently Hema Ltd. purchased another 10% shares of P Ltd. on 30th September, 2008. Finally z Ltd. purchased another 20% Shares as on 30th November, 2008. Given below the Balance Sheets of Z Ltd. and P Ltd. as on 31st December, 2008 - Liabilities Z Ltd. PLtd. Assets Z Ltd. PLtd. Share Capital General Reserve P & L Account Fixed Assets (-) Accumulated Depreciation Net Block 10,00,000 4,00,000 2,00,000 3,00,000 4,00,000 1,00,000 2,00,000 6,00,000 1,00,000 1,00,000 4,00,000 2,00,000 80,000 1,20,000 16,00,000 4,00,000 12,00,000 6,00,000 Loans 10,00,000 2,00,000 8,00,000 2,00,000 Investments Current Assets Sundry Creditors Provision for Tax Proposed Dividend Stock Debtors Cash & Bank 4,00.000 3,00,000 1,00,000 26,00,000 3,00,000 2,00,000 1,00,000 16,00,000 Total 26,00,000 16,00,000 Total Other information's : 1. The initial of investment in P Ltd. was made by 2 Ltd. for Rs.3,00,000. The second phase of Investment was Ltd. for Rs. 80,000 and the last phase of investment was made for Rs.1,50,000. 2. P Ltd. declared and paid Bonus Shares at one for every two Shares held. For this purpose the book closure date was 15th July to 31st July, 2008. 3. Z Ltd. sold a machinery costing Rs.4,00,000 to P Ltd. on 15th September, 2008 on which the former made a profit of Rs. 1,00,000. P Ltd. charged depreciation at 20% on the plant on time proportion basis. n24 Prepare a Consolidated Balance Sneet for Z Ltd. and its subsidiary P Ltd. as on 31.12.2008