prepare a consolidated balance sheet as on 31st march 2011 workings will be part of 674616
Balance Sheet of Harry Co. Ltd. as on 31st March, 2011
|
Liabilities |
Rs |
Assets |
Rs |
|
Capital |
1,00,000 |
Goodwill |
20,000 |
|
General Reserve |
34,000 |
Land and Buildings |
76,000 |
|
Profit and Loss A/c |
11,100 |
Investments* |
28,800 |
|
Bills Payable |
41,000 |
Stock |
52,000 |
|
Sundry Creditors |
63,900 |
Sundry Debtors and Advances |
|
|
|
|
(including loan to Suman |
|
|
|
|
Ltd.: Rs.1000) |
58,000 |
|
|
Cash and bank |
15,200 |
|
|
|
2,50,000 |
|
2,50,000 |
The investment consists of 2,400 shares of Rs.10 each fully paid in its subsidiary Suman Ltd. which was acquired on 1st July, 2010.
Balance Sheet of Suman Ltd. as on 31st March, 2011
|
Liabilities |
Rs |
Assets |
Rs |
|
Capital (d) |
30,000 |
Goodwill |
4,400 |
|
General Reserve |
5,000 |
Plant and Machinery (a) |
29,000 |
|
Profit and Loss A/c (e) |
4,400 |
Stock |
6,000 |
|
Loan |
21,000 |
Sundry Debtors |
12,500 |
|
Sundry Creditors |
28,400 |
Bills Receivable (b) |
30,000 |
|
|
|
Cash and Bank (c) |
6,900 |
|
|
88,000 |
|
88,000 |
(a) On 1st April, 2010 the plant and machinery were revalued at Rs.32,000 which should be taken in the consolidated balance sheet. Ignore depreciation. There were no additions or deletions to plant during the year.
(b) Total bills receivable were Rs.41,000 (all accepted by Harry Co. Ltd.) of which bills of Rs.11,000 had been discounted with the banker and yet to be matured.
(c) Cash and bank balances were arrived at after sending a cheque for Rs.1,000 to Harry Co. Ltd., on account of repayment of loan.
(d) Capital account of Suman Ltd. consists of 3,000 ordinary shares of Rs.10 each.
(e) Balances as on 1st April, 2010
|
Profit and Loss A/c |
Rs.1,200 |
|
General Reserve |
Rs.4,000 |
Prepare a consolidated balance sheet as on 31st March, 2011. Workings will be part of your answer.