from the following balance sheets of vipul ltd and its subsidiary vedika ltd as on 3 674619
From the following balance sheets of Vipul Ltd. and its subsidiary Vedika Ltd. as on 31st March, 2011 and the additional information provided thereafter, prepare the consolidated balance sheet of the two companies as on that date:
|
Vipul Ltd. |
Vedika Ltd. |
|
|
Liabilities |
Rs |
Rs |
|
Share capital: |
||
|
Shares of 10 each fully paid |
10,00,000 |
2,00,000 |
|
General reserve |
3,10,000 |
–– |
|
Profit and loss account |
1,50,000 |
40,000 |
|
Creditors |
2,30,000 |
69,000 |
|
16,90,000 |
3,09,000 |
|
|
Assets |
||
|
Fixed assets |
||
|
70% Shares of Vedika Ltd. (at cost) |
11,62,000 |
1,80,000 |
|
Current assets |
1,42,000 |
–– |
|
Discount on issue of shares |
3,86,000 |
1,24,000 |
|
— |
5,000 |
|
|
16,90,000 |
3,09,000 |
On 31st December, 2010 Vipul Ltd. acquired the shares in Vedika Ltd. On 1st April, 2010, Vedika Ltd.’s profit and loss account showed a debit balance of Rs.8,000. On 31st March, 2011, Vedika Ltd. decided to revalue its fixed assets at Rs.2,00,000.