When O ltd purchased 24,000 equity shares in P Ltd. on 1.1.2011. P Ltd had Rs 22,500 in General Reserve and 37,500 (Dr.) in Profit and Loss Account. From their Balance sheets on 31.122011 as below, prepare a consolidated Balance sheet. Liabilities Equity Share Capital: Shares of Rs.100 each General Reserve Profit and Loss A/C Creditors O Ltd 750,000 90,000 105,000 P Ltd 300,000 7,500 31,500 339,000 Fixed Assets Current Assets Investment in P Ltd Profit and Loss A/C O Ltd 675,000 120,000 210,000 P Ltd 150,000 121,500 67,500 339,000 Fixed Assets standing in the books of P. Ltd Rs.90,OOO was considered worth Rs.75,OOO on the date of purchase of control. For the purpose of determining the value of shares 20% depreciation has been written off since acquisition. Stock of O Ltd includes Rs. 30,000 on which P Ltd made Rs. 7,500 profit. When O ltd purchased 24,000 equity shares in P Ltd. on 1.1.2011. P Ltd had Rs 22,500 in General Reserve and 37,500 (Dr.) in Profit and Loss Account. From their Balance sheets on 31.122011 as below, prepare a consolidated Balance sheet. Liabilities Equity Share Capital: Shares of Rs.100 each General Reserve Profit and Loss A/C Creditors O Ltd 750,000 90,000 105,000 P Ltd 300,000 7,500 31,500 339,000 Fixed Assets Current Assets Investment in P Ltd Profit and Loss A/C O Ltd 675,000 120,000 210,000 P Ltd 150,000 121,500 67,500 339,000 Fixed Assets standing in the books of P. Ltd Rs.90,OOO was considered worth Rs.75,OOO on the date of purchase of control. For the purpose of determining the value of shares 20% depreciation has been written off since acquisition. Stock of O Ltd includes Rs. 30,000 on which P Ltd made Rs. 7,500 profit.