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h ltd acquired 96 000 equity shares of rs 10 each in s ltd on 1 october 2010 for rs 608544

H Ltd. acquired 96,000 equity shares of Rs.10 each in S Ltd. on 1 October 2010 for Rs.19,36,800. The balance sheets of two companies as on 31 March 2011 were as follows:

Liabilities:

X Ltd.Rs.

Y Ltd.Rs.

Shares Capital of 100

30,00,000

12,00,000

Each

Reserves (1 April 2010)

14,40,000

6,00,000

Profit & Loss Account

3,43,200

4,92,000

Bank Overdraft

6,00,000

Bills Payable

78,000

Sundry Creditors

4,18,800

1,20,000

58,02,000

24,90,000

Assets:

H Ltd.Rs.

S Ltd.Rs.

Land & Building

10,80,000

11,40,000

Plant & Machinery

14,40,000

8,10,000

Investments

21,60,000

Stock

6,84,000

2,52,000

Debtors

2,64,000

2,40,000

Bills Receivable

88,800

Cash

85,200

48,000

58,02,000

24,90,000

  1. The P&L A/c of S Ltd. showed a balance of Rs.1,80,000 on 1 April 2010 out of which a dividend of 10% was paid on 1 November 2010. The dividend was correctly recorded by H Ltd.

The plant & machinery of S Ltd. which stood at Rs.9,00,000 on 1 April 2011 was considered worth Rs.10,80,000 on the date of acquisition by H Ltd. Prepare consolidated balance sheet together with work sheet.

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