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The Balance Sheet of H. Ltd. and its subsidiary S. Ltd.as on 31st March, 2017 stood as follows:ParticularsH. Ltd. (Rs.) S. Ltd.(Rs.)1. EQUITY AND LIABILITIES:1. Shareholders' Fund:(a) Share capital :Equity shares of Rs. 10 each50,000 10,000(b) Reserves and Surplus:Reserve10,000 -""Surplus (Balance of Statementof Profit and Loss)20,000 6,000Preliminary expenses(8,000) (4,000)2. Current liabilities :Trade payables :Creditors8,000 8,000Bills Payable3,000 2,000Total83,000 22,000II. Assets :1. Non-current Assets :(a) Tangible Assets56,500 12,000(b) Non-current Investment :Equity shares in S. Ltd.6500 -""2. Current Assets20,00010,000Total83,00022,000H. Ltd. acquired 60% interest in S. Ltd. All the profits of S. Ltd. was earnedafter the shares were acquired by H. Ltd.Prepare the consolidated Balance Sheet of H. Ltd. and its subsidiary S. Ltd.on 31st March, 2017.(10 marks) |
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Answer» Answer: pilferage (at list price) 76,000. DEBTORS at Mumbai:Opening & 10,000 Cash remitted by Mumbal Branch to HO: t3,24,870. Discount ALLOWED to Debtors t 26, 730. Goods received by Mumbai till close of the year 2,54,000. Provision is to be MALE for discount on Debtors at payments. 15\% on prompt payments at year end on the basis of year's trend of prompt Cash remitted by HO to Branch for Expenses: 18.000 Hranch Expenses still outstanding 1,482 Manager is entitled to a cammission @ 6% of net profits alter charging such commission. Required: Prepare Mumbai Branch Debtors Ale, Mumbai Branch STOCK Account, Mumbai Branch Adjustment Ale, Mumbai Branch Expenses Account and Mumbai Branch Profit & Loss A / C under Stock & Debtors Method, ullu |
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