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On 31 March 20X2, Blue Heavens Ltd. acquired 75% ordinary shares carrying voting rights of Orange County Ltd. for Rs. 4,500 lakh in cash and it controlled Orange County Ltd. from that date. The acquisition-date statements of financial position of Blue Heavens Ltd. and Orange County Ltd. and the fair values of the assets and liabilities recognised on Orange County Ltd. statement of financial position were: Blue Heavens Ltd Carrying Amount Rs. (lakh) Orange County Carrying Fair Value Amount Rs. Rs. (lakh) (lakh) Assets Non-current assets 3,000 3,300 Building and other PPE Investment in Orange County Ltd. 7,000 4,500 Current assets 700 500 600 Inventories 300 250 250 Trade receivables 3.000 700 700 it controlled Orange County Ltd. from that date. The acquisition-date statements of financial position of Blue Heavens Ltd. and Orange County Ltd. and the fair values of the assets and liabilities recognised on Orange County Ltd. statement of financial position were: Blue Heavens Ltd Carrying Amount Rs. (lakh) Orange County Carrying Fair Value Amount Rs. Rs. (lakh) (lakh) Assets Non-current assets Building and other PPE Investment in Orange County Ltd. 3,000 3,300 7,000 4,500 Current assets Inventories 700 500 600 Trade receivables 300 250 250 Cash 3,000 700 700 Total assets 15,500 4,450 Equity and liabilities Equity Facts are same as in Question 214 Blue Heavens Ltd. acquires 75% of Orange County Ltd. Blue Heavens Ltd. pays Rs. 4,500 lakhs for the shares. At 31 March 20X3, i.e one year after Blue Heavens Ltd. acquired Orange County Ltd., the individual statements of financial position and statements of comprehensive income of Blue Heavens Ltd. and Orange County Ltd. are: Blue Heavens Ltd. Orange County Ltd. Carrying Amount Carrying Amount Rs.(lakh) Rs.(lakh) Assets Non-current assets 6,500 2,7501 Building and other PPE Investment in Orange County Ltd. 4,500 11,000 2,750 Current assets 800 550 Inventories 380 300 Trade receivables 1,420 Cash 4,170 5,350 16,350 2,270 5,020 Total assets Equity and liabilities Equity non 2000 Share capital 5,000 2,000 Retained earnings 10,200 2,300 Current liabilities Trade payables 300 150 150 Total liabilities and equity 15,500 4,450 Prepare the Consolidated Balance Sheet as on March 31, 20X2 of group of entities Blue Heavens Ltd. and Orange County Ltd. Building and other PPE Investment in Orange County Ltd. 2,750 6,500 4,500 11,000 Current assets 2,750 Inventories 800 550 Trade receivables 380 300 Cash 4,170 5,350 16,350 1,420 2,270 5,020 Total assets Equity and liabilities Equity Share capital Retained earnings 2,000 5,000 11,000 16,000 2,850 4,850 Current liabilities 350 170 Trade payables 350 170 les and equity 16,350 Statements of comprehensive income for the year ended 31 March 2003: 5,020 Blue Heavens Ltd. Orange County Ltd. Carrying Amount Carrying Amount Rs.(lakh) Rs.(lakh) Revenue 3,000 1,900 Cost of sales (1,800) (1,000) Gross profit 1,200 900 Administrative expenses (400) (350) Profit for the year 800 Note: Blue Heavens Ltd. is unable to make a reliable estimate of the useful life of goodwill and consequently, the useful life is presumed to be ten years. Blue Heavens Ltd. uses the straight-line amortisation method for goodwill. The fair value adjustment to buildings and other PPE is in respect of a building; all buildings have an estimated remaining useful life of 20 years from 31 550 20X3: Blue Heavens Ltd. Orange County Ltd. Carrying Amount Carrying Amount Rs.(lakh) Rs.(lakh) Revenue 3,000 1,900 Cost of sales (1,800) (1,000) Gross profit 1,200 900 Administrative expenses (400) (350) Profit for the year 800 550 Note: Blue Heavens Ltd. is unable to make a reliable estimate of the useful life of goodwill and consequently, the useful life is presumed to be ten years. Blue Heavens Ltd. uses the straight-line amortisation method for goodwill. The fair value adjustment to buildings and other PPE is in respect of a building; all buildings have an estimated remaining useful life of 20 years from 31 March 20X2 and estimated residual values of zero. Blue Heavens Ltd. uses the straight-line method for depreciation of PPE. All the inventory held by Orange County Ltd. at 31st March 20X2 was sold during 20x3. Prepare the Consolidated Balance Sheet as on March 31, 20X2 of group of entities Blue Heavens Ltd. and Orange County Ltd
