X Ltd., Acquired All the Shares of Y Ltd – Balance Sheet – Exam – Manas Kapoor
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X Ltd., Acquired All the Shares of Y Ltd – Balance Sheet
X Ltd., acquired all the shares of Y Ltd., on 1/1/2010. From the Balance sheet given below prepare the a Consolidated Balance Sheet:LiabilitiesX Ltd (Rs)Y Ltd. (Rs)AssetsX Ltd (Rs)Y Ltd. (Rs)Share capital: Shares of Rs.10 each8,00,0003,00,000Land & Building4,00,0002,70,000Creditors3,50,0001,60,000Plant & Machinery2,00,0001,00,000Bills payable40,00020,000Furniture & Fixtures50,00020,000Reserves on 1/4/20092,10,00040,000Investment in Shares of Y Ltd. 5,00,000-Profit & Loss A/c50,00030,000Stock1,50,00080,000 Sundry Debtors1,00,00060,000 Bank Balance50,00020,000 14,50,0005,50,000 14,50,0005,50,000The Profit and Loss A/c of Y Ltd., had a credit balance of Rs.6,000 on 01/04/2009.
2. Prepare Consolidated Balance Sheet in the Books of H Co. Ltd. form the following Balance sheet of H co. and S Co. and given information:LiabilitiesH Co. Rs.S Co. Rs.AssetsH Co. Rs.S Co. Rs.Preference Share capital1,00,00040,000Goodwill20,00010,000Equity share capital (Rs. 100 per share)11,00,0002,00,000Machinery6,00,0001,80,000Reserves4,00,0001,50,000Furniture1,00,00034,000Profit & loss a/c2,00,00050,000Investments 1,600 shares in S Co.3,20,000— — –Creditors3,00,0001,00,000Other assets10,60,0003,46,000Proposed dividend —- — –40,000Discount on issue of shares— —- –10,000 21,00,0005,80,000 21,00,0005,80,000Information:a) On the date of acquisition of shares by H Co. reserves and profit and loss account of S company stood at Rs. 50,000 and Rs. 30,000 respectively.b) Machinery (Book value Rs. 2,00,000) was revalued at Rs. 3,00,000 & furniture (Book value Rs. 40,000) was revalued at Rs. 30,000 of S Co. by H Co.c) S Co. made a bonus issue during the year out of pre-acquisition profits for Rs. 40,000 not recorded in the books.d) Included in the creditors of S Co. is Rs. 20,000 for goods supplied by H Co. also included in the stock of S Co. are goods to the value of Rs. 8,000 which were supplied by H Co. at a profit of 25% on sales.
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By: Manas Kapoor
Submitted: April 2, 2016
Essay Length: 3,471 Words / 14 Pages
Paper type: Exam Views: 337
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