Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

solve stwp wise please.. Exercise 3: On 31.03.2009 the Balance Sheets of H Ltd. and its subsidiary S Ltd. stood as follows (in Rs. Lakhs)

image text in transcribed

solve stwp wise please..

Exercise 3: On 31.03.2009 the Balance Sheets of H Ltd. and its subsidiary S Ltd. stood as follows (in Rs. Lakhs) - Assets H Ltd. S Ltd Liabilities H Ltd. S Ltd Land and Buildings 2,718 Share Capital: Plant and Machinery 4,905 4,900 Authorized capital 15,000 6,000 Furniture and Fittings 1,845 586 Issued and Subscribed: Investments in shares in S Ltd. 3,949 Equity Shares (Rs.10) 12,000 4,800 Investment in other Stock 1,956 General Reserve 2,784 1,380 Debtors 2,600 1,363 Profit and Loss Account 2,715 1,620 Bills Receivable 360 199 Bills Payable 372 160 Sundry Advances 520 Sundry Creditors 1,461 854 Cash and Bank Balances 1,490 204 Provision for Taxation 855 394 Proposed Dividend 1,200 Total 21,387 9,208 Total 21,387 9,208 The following information is also provided to you: 1. H Ltd. purchased 180 Lakhs shares in S Ltd. on 01.04.2008 when the balances to General Reserve and Profit and Loss Account of S Ltd. stood at Rs. 3,000 Lakhs and Rs.1,200 Lakhs respectively 2. On 04.07.2008 S Ltd. declared a dividend @ 20% for the year ended 31.03.2009. H Ltd. credited the dividend received by it to its Profits and Loss Account. 3. On 01.01.2009 S Ltd. issued 3 fully paid-up shares for every 5 shares held as Bonus Shares out of balances in its General Reserve as on 31.03.2008. 4. On 31.03.2009 all the Bills Payable in S Ltd.'s Balance Sheet were acceptances in favour of H Ltd. But on that date, H Ltd. held only Rs.45 Lakhs of these acceptances in hand, the rest having been endorsed in favour of its Creditors 5. On 31.03.2009 S Ltd.'s stock included goods which it had purchased for Rs. 100 Lakhs from H Ltd. which made a profit @ 25% on cost. Prepare a Consolidated Balance Sheet of H Ltd. and its subsidiary S Ltd. as at 31.03.2009. Exercise 3: On 31.03.2009 the Balance Sheets of H Ltd. and its subsidiary S Ltd. stood as follows (in Rs. Lakhs) - Assets H Ltd. S Ltd Liabilities H Ltd. S Ltd Land and Buildings 2,718 Share Capital: Plant and Machinery 4,905 4,900 Authorized capital 15,000 6,000 Furniture and Fittings 1,845 586 Issued and Subscribed: Investments in shares in S Ltd. 3,949 Equity Shares (Rs.10) 12,000 4,800 Investment in other Stock 1,956 General Reserve 2,784 1,380 Debtors 2,600 1,363 Profit and Loss Account 2,715 1,620 Bills Receivable 360 199 Bills Payable 372 160 Sundry Advances 520 Sundry Creditors 1,461 854 Cash and Bank Balances 1,490 204 Provision for Taxation 855 394 Proposed Dividend 1,200 Total 21,387 9,208 Total 21,387 9,208 The following information is also provided to you: 1. H Ltd. purchased 180 Lakhs shares in S Ltd. on 01.04.2008 when the balances to General Reserve and Profit and Loss Account of S Ltd. stood at Rs. 3,000 Lakhs and Rs.1,200 Lakhs respectively 2. On 04.07.2008 S Ltd. declared a dividend @ 20% for the year ended 31.03.2009. H Ltd. credited the dividend received by it to its Profits and Loss Account. 3. On 01.01.2009 S Ltd. issued 3 fully paid-up shares for every 5 shares held as Bonus Shares out of balances in its General Reserve as on 31.03.2008. 4. On 31.03.2009 all the Bills Payable in S Ltd.'s Balance Sheet were acceptances in favour of H Ltd. But on that date, H Ltd. held only Rs.45 Lakhs of these acceptances in hand, the rest having been endorsed in favour of its Creditors 5. On 31.03.2009 S Ltd.'s stock included goods which it had purchased for Rs. 100 Lakhs from H Ltd. which made a profit @ 25% on cost. Prepare a Consolidated Balance Sheet of H Ltd. and its subsidiary S Ltd. as at 31.03.2009

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions