20 The summarised Balance Sheets of the following three companies are given below: As on 31st March, 2017 ( in lakhs) Eagle Garuda Bird Ltd. Ltd. Ltd. Liabilities Equity Shares (10 each, fully paid up) 60 48 40 7% % Cumulative Preference Shares (7100 each fully paid up) 15 12 10 Capital Reserve on Revaluation of Land, Buildings and Machinery 120 General Reserve 25 15 10 8% 2,500 Mortgage Debenture Bonds of 71,000 each 25 Secured Loans and Advances from Banks 153 71 52 Unsecured Loans: (i) From Garuda Ltd. 12 () From Bird Lid. 15 (iii) Deposits from Public 18 12 Current Liabilities and Provisions: (i) Inter-Company Balances 9 (i) Other liabilities and provisions 314 125 72 754 283 199 Total Assets Fixed Assets (Net) 272 104 42 Investments (at Cost) 2,50,000 Equity Shares of Garuda Lid. 25 80,000 Equity Shares of Bird Ltd. 8 1,60,000 Equity Shares of Bird Ltd. 20 10,000 Cumulative Preference Shares of Eagle Lid. 10 1,500 Mortgage Debentures of Eagle Ltd. 14 Current Assets 353 123 112 Profit and Loss Account 96 36 21 Total 754 283 199 0 Eagle Ltd. subscribed for the shares of Garuda Ltd. and Bird Ltd. at par at the time of first issue of shares by the latter companies. () Garuda Ltd., subscribed for 80,000 shares of Bird Ltd. at par at the time of first issue and later acquired by purchase in the market 80,000 shares of Bird Ltd. at 15 each when Reserves and Surplus of Bird Ltd. stood at 75 lakhs. (ii) Current Assets of Garuda Ltd. and Bird Lid. included 7 4 lakhs and 6 lakhs respectively being the current accounts balance against Eagle Ltd. These accounts remained unreconciled. (iv) Preference dividends were in arrears for: 8 years in the case of Eagle Ltd. and 4 years in the case of other two companies. Prepare the Consolidated Balance Sheet