Hari Limited (HL) acquired 90% shares of Shyam Limited (SL) on April 1, 2010 and the balance

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Hari Limited (HL) acquired 90% shares of Shyam Limited (SL) on April 1, 2010 and the balance sheet of both the companies as on March 31, 2011 is as follows:

Liabilities Share capital General reserve (as on April 1, 2010) Profit and loss a/c Sundry creditors Balance

The profit and loss account of Shyam Limited has a credit balance of ₹6,000 on April 1, 2010. The fair value of sundry fixed assets on the date of acquisition is ₹1,00,000. Prepare consolidated financial statement as on March 31, 2011.

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Financial Accounting

ISBN: 9780071078023

1st Edition

Authors: Dhanesh K. Khatri

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