Accounting For Associates IAS 28The summarized balance sheets of three companies at December 31, 2015 were as follows:A ItdRs.500,000 200,000B ItdRs.C ItdRs.Share capitalP& L alcCurrent liabilities150,00030,000150,00050,000150,000800,000 400,000150,00070,000250,000TotalFixed assets300,000 200,000100.000Investments70% in B Itd250,00060% in C ItdCurrent assetsTotal150,000250,00050,000800,000 400,000150.000250,000A ltd acquired 70% shares in B Itd two years ago when there was a credit balance ofRs.10,000 in B's P&L a/c.B Itd acquired 60% of shares in C Itd on January 1, 2015 when there was a debitbalance in its P&L a/c of Rs.15,000.i.ii.Required: Prepare consolidated balance sheet of the group.

Balance sheet: A balance sheet is a statement of assets, liability, and equity. It is prepared after…

Accounting For Associates IAS 28 The summarized balance sheets of three companies at December 31, 2015 were as follows: C Itd A Itd Rs. B Itd Rs. Rs. Share capital P& La/c Current liabilities 500,000 200,000 150,000 150,000 50,000 150,000 150,000 800,000 400,000 30,000 70,000 250,000 Total Fixed assets Investments 70% in B Itd 300,000 200,000 100,000 250,000 60% in C Itd Current assets Total 150,000 50,000 800,000 400,000 250,000 150,000 250,000 i. A Itd acquired 70% shares in B Itd two years ago when there was a credit balance of Rs. 10,000 in B's P&L a/c. B Itd acquired 60% of shares in C Itd on January 1, 2015 when there was a debit balance in its P&L ale of Rs. 15,000. ii. Required: Prepare consolidated balance sheet of the group.

Accounting For Associates IAS 28 The summarized balance sheets of three companies at December 31, 2015 were as follows: C Itd A Itd Rs. B Itd Rs. Rs. Share capital P& La/c Current liabilities 500,000 200,000 150,000 150,000 50,000 150,000 150,000 800,000 400,000 30,000 70,000 250,000 Total Fixed assets Investments 70% in B Itd 300,000 200,000 100,000 250,000 60% in C Itd Current assets Total 150,000 50,000 800,000 400,000 250,000 150,000 250,000 i. A Itd acquired 70% shares in B Itd two years ago when there was a credit balance of Rs. 10,000 in B's P&L a/c. B Itd acquired 60% of shares in C Itd on January 1, 2015 when there was a debit balance in its P&L ale of Rs. 15,000. ii. Required: Prepare consolidated balance sheet of the group.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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