From the following balance sheet, prepare consolidated balance sheet of Simple Limited (SL) that has one subsidiary
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From the following balance sheet, prepare consolidated balance sheet of Simple Limited (SL) that has one subsidiary namely ML.
ML had a credit balance of ₹45,000 in its profit and loss account as on April 1, 2010. SL acquired shares in ML Limited on October 1, 2010. On this date, land and building of Deepak was valued at ₹2,50,000 and plant and machinery at ₹1,90,000 only.
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Liabilities Share capital (face value * 100 each) General reserve Profit and loss a/c Sundry creditors Balance Sheet as on March 31, 2011 ML Assets 3,00,000 Land and building Plant and machinery Investment (2,700 SL 15,00,000 2,00,000 3,00,000 2,50,000 22,50,000 1,05,000 95,000 5,00,000 shares of ML) Current assets SL ML 12,00,000 2,00,000 2,00,000 2,00,000 2,70,000 5,80,000 1,00,000 22,50,000 5,00,000
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Consolidated Balance Sheet of SL and its Subsidiary ML As on March 31 2011 Liabilities Share capital ...View the full answer
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