On April 1, 2010 Hemant Limited (HL) acquired 1,650 equity shares of 10 each of Fuel Limited
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On April 1, 2010 Hemant Limited (HL) acquired 1,650 equity shares of ₹10 each of Fuel Limited (FL) at a total market value of ₹ 29,000. The balance sheet of both the companies on March 31, 2011 is as follows:
Out of the debtors and bills receivables of FL ₹7,500 and ₹2,400, respectively represents due from HL. Balance of general reserve of FL as on April 1, 2010 and P & L a/c of FL includes current year’s profit of ₹6,750. Prepare consolidated balance sheet as on March 31, 2011.
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