On 31st march 2022 the balance sheets of Hemu ltd and its subsidiary Sonu stood as follows
Question:
On 31st march 2022 the balance sheets of Hemu ltd and its subsidiary Sonu stood as follows
Equity &Liabilities | Maanu Ltd | Pooni Ltd | Assets | Maanu Ltd | Pooni Ltd |
Equity share capital | 800000 | 20000 0 | Fixed assets | 550000 | 10000 0 |
General reserve | 150000 | 70000 | Investment | 280000 | 280000 |
Profit and loss account | 90000 | 55000 | 75% shares Pooni ltd (At cost) | 280000 | 280000 |
Sundry creditors | 120000 | 80000 | Inventories | 105000 | 17700 0 |
Other Current Assets | 225000 | 12800 0 | |||
116000 0 | 40500 0 | 116000 0 | 40500 0 |
Draw a consolidated balance sheet as at 31/3/2022 after into consideration the following information
1. Manu ltd acquired shares on 31/7/2021
2. Pooni Ltd earned a profit of Rs 45000 for the year ended 31/3/2022
3. On 1/1/2022 Sonu ltd sold to Maanu ltd goods costing Rs 15000 for Rs 20000
4. On 31/3/2021 half of the above goods were lying unsold in the godowns of Maanu ltd
Advanced Accounting
ISBN: 978-0134472140
13th edition
Authors: Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith