Q-12 The Summarised Balance Sheet of X Ltd. and its subsidiary Y Ltd. as on 31st...

 
 

Transcribed Image Text:

Q-12 The Summarised Balance Sheet of X Ltd. and its subsidiary Y Ltd. as on 31st March, 2017 are as follows: Particulars Amounts as at 31st March, 2017 Y Ltd. (in lakhs) LIABILITIES Share Capital: Authorised Issues and subscribed: Equity share of 10 each, fully paid up 15% preference shares of 10 each, fully paid up General Reserves Profit & Loss Account Trade payables ASSESTS Land & Building Plant & Machinery Furniture & Fittings Investment in Y Ltd.: 450 Lakh Equity share in Y Ltd. purchased on 1st April, 2016 Inventory Trade Receivables Cash and Bank Balance X Ltd. ( in lakhs) 20,000 15,000 4,000 2,500 2,750 1,646 25,896 3,550 5,275 1,945 6,800 4,142 3,010 1,174 25,896 8,000 6,000 1,000 1,450 1,250 1,027 10,727 1,510 3,600 655 2,520 1,882 560 10.727 The following information is also given to you (a) 10% dividend on Equity shares was declared by Y Ltd. on 31st March, 2016 for the year ended 31st March, 2016. X Ltd. credited the dividend received to its Profit & Loss Account. (b) Credit Balance of Profit & Loss account of Y Ltd. as on 1st April, 2016 was 650 Lakhs. (c) General Reserve of Y Ltd. stood at same 1,450 Lakhs as on 1st April, 2016. (d) Y Ltd.'s Plant & machinery showed a balance of 4,000 Lakh on 1st April 2016. At the time of purchase of shares in Y Ltd., X Ltd. revalued Y's Ltd. Plant & Machinery upward by 1,000 Lakh. Included in Trade Payables of Y Ltd. are 50 Lakh for goods supplied by X Ltd. (e) (f) On 31st March, 2017, Y's Itd. inventory included goods for 150 lakhs which it had purchased from X Ltd. X Ltd. sold goods to Y Ltd. at cost plus 25%. You are required to prepare a Consolidated Balance Sheet of X Ltd. and its subsidiary Y Ltd. as on 31st March, 2017 giving working notes. (Ignoring dividend on preference shares). 201~ Q-12 The Summarised Balance Sheet of X Ltd. and its subsidiary Y Ltd. as on 31st March, 2017 are as follows: Particulars Amounts as at 31st March, 2017 Y Ltd. (in lakhs) LIABILITIES Share Capital: Authorised Issues and subscribed: Equity share of 10 each, fully paid up 15% preference shares of 10 each, fully paid up General Reserves Profit & Loss Account Trade payables ASSESTS Land & Building Plant & Machinery Furniture & Fittings Investment in Y Ltd.: 450 Lakh Equity share in Y Ltd. purchased on 1st April, 2016 Inventory Trade Receivables Cash and Bank Balance X Ltd. ( in lakhs) 20,000 15,000 4,000 2,500 2,750 1,646 25,896 3,550 5,275 1,945 6,800 4,142 3,010 1,174 25,896 8,000 6,000 1,000 1,450 1,250 1,027 10,727 1,510 3,600 655 2,520 1,882 560 10.727 The following information is also given to you (a) 10% dividend on Equity shares was declared by Y Ltd. on 31st March, 2016 for the year ended 31st March, 2016. X Ltd. credited the dividend received to its Profit & Loss Account. (b) Credit Balance of Profit & Loss account of Y Ltd. as on 1st April, 2016 was 650 Lakhs. (c) General Reserve of Y Ltd. stood at same 1,450 Lakhs as on 1st April, 2016. (d) Y Ltd.'s Plant & machinery showed a balance of 4,000 Lakh on 1st April 2016. At the time of purchase of shares in Y Ltd., X Ltd. revalued Y's Ltd. Plant & Machinery upward by 1,000 Lakh. Included in Trade Payables of Y Ltd. are 50 Lakh for goods supplied by X Ltd. (e) (f) On 31st March, 2017, Y's Itd. inventory included goods for 150 lakhs which it had purchased from X Ltd. X Ltd. sold goods to Y Ltd. at cost plus 25%. You are required to prepare a Consolidated Balance Sheet of X Ltd. and its subsidiary Y Ltd. as on 31st March, 2017 giving working notes. (Ignoring dividend on preference shares). 201~

Answer rating: 100% (QA)

Consolidation Balance sheet of XLtd and its Subsidary Yltd as on 31st March2017 Particulars No... View the full answer