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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Accounting For Associates IAS 28
The summarized balance sheets of three companies at December 31, 2015 were as follows:
A Itd
Rs.
500,000 200,000
B Itd
Rs.
C Itd
Rs.
Share capital
P& L alc
Current liabilities
150,000
30,000
150,000
50,000
150,000
800,000 400,000
150,000
70,000
250,000
Total
Fixed assets
300,000 200,000
100.000
Investments
70% in B Itd
250,000
60% in C Itd
Current assets
Total
150,000
250,000
50,000
800,000 400,000
150.000
250,000
A ltd 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 a/c of Rs.15,000.
i.
ii.
Required: Prepare consolidated balance sheet of the group.
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