Question: Please help its a really hard question!!!! ASAP!! Question No.04 The following are the Balance Sheet of Fazal Steel Ltd. and its subsidiary Pak Steel
Question No.04 The following are the Balance Sheet of Fazal Steel Ltd. and its subsidiary Pak Steel Ltd as at 31st March 2012. (10 + 10 marks working) Liabilities Equity share Rs.10 General Reserve Profit and Loss A/C Creditors Fazal Steel Pak Steel Assets 600,000 200,000 Machinery 340,000 80,000 Furniture 100,000 60,000 80% shares in P. Steel, at cost 70,000 35,000 Stock Debtors Cash at Bank 1,111,000 375,000 Fazal Steel Pak Steel 390,000 135,000 80,000 40,000 340,000 180,000 120,000 50,000 30,000 70,000 50,000 1,111,000 375,000 Spring 2 The following additional intormation is provided to you. 1. Profit and loss account of Pak. Steel stood at Rs. 30,000 on 1.4.2011, whereas General Reserve has remained unchanged since that date. 2. Fazal Steel acquired 80% shares in Pak. Steel on 1.1.2011 for Rs. 340,000 as mentioned above. 3. Included in Debtors of Pak. Steel is a sum of Rs. 10,000 due from Fazal Steel for good sold at a profit of 25% on cost price. Till 31.12.2012 only one-half of the goods had been sold while the remaining good were lying in the godown of Fazal Steel as on that date. You are required to prepare consolidated balance sheet as at 31" March 2012, Show all necessary calculations clearly for full marks
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