Dear Group Member
Please send the solutions of following questions urgently:
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THANKS
Q-1
Consolidated financial statements of X Ltd. are presented below together with the accounts of Y for the year to 31 December, 2010.
| Income statements for the year ended 31 December, 2010 | X | Y |
|
| Rs. | Rs. |
| Net profit after tax | 100,000 | 40,000 |
| Dividends received | 3,000 |
|
| Dividends Payable | 103,000 |
|
| Interim | (5,000) | (4,000) |
| Proposed final | (20,000) | (12,000) |
|
| 78,000 | 24,000 |
| Balance b/f | 50,000 | 32,000 |
| Balancec/f | 128,000 | 56,000 |
| Statements of financial positions as at 31 December, 2010 | X | Y |
|
| Rs. | Rs. |
| Assets |
|
|
| Investment in Y | 81,500 |
|
| Other net assets | 226,500 | 118,000 |
|
| 308,000 | 118,000 |
| Capital and liabilities |
|
|
| Share capital | 100,000 | 40,000 |
| General reserve | 60,000 | 10,000 |
| Profit and loss account balance | 128,000 | 56,000 |
| Proposed dividends | 20,000 | 12,000 |
|
| 308,000 | 118,000 |
Required:
Prepare the consolidated statement of financial position and consolidated income statement for the XY group for the year ended 31 December, 2010.
Q-2
The following summarized balance sheet relate to the S group of companies as at 30 September, 2010.
|
| S Ltd. | T Ltd. | U Ltd. |
|
| Rs.(000) | Rs.(000) | Rs.(000) |
| Fixed Assets: |
|
|
|
| Plant at net book value | 150 | 40 | 30 |
| Investments: |
|
|
|
| 100,000 ord.shares of Rs.1 each in T Ltd. | 150 |
|
|
| 40,000 ord.shares of Rs.1 each in U Ltd. | 70 |
|
|
|
| 220 | __ | __ |
| Current assets: |
|
|
|
| Stocks | 150 | 90 | 80 |
| Debtors | 250 | 40 | 20 |
| Cash at bank and in hand | 50 | 20 | 10 |
|
| 450 | 150 | 110 |
|
| 820 | 190 | 140 |
| Financed by: |
|
|
|
| Share Capital: |
|
|
|
| Ord.shares of Rs.1 each | 500 | 100 | 50 |
| Revenue reserve | 90 | 40 | 70 |
|
| 590 | 140 | 120 |
| Current liabilities: |
|
|
|
| Creditors | 230 | 50 | 20 |
|
| 820 | 190 | 140 |
|
|
|
|
|
Additional Information:
1 During the year to 30 September, 2010, T Ltd. Sold goods costing Rs.50,000 to U Ltd. for Rs.70,000. U Ltd. sill had half of these goods in stock at 30 September, 2010.
2 S Ltd. acquired it shares in T Ltd. on 1 October, 2008. At that time T Ltd.'s revenue reserves amounted to Rs.30,000.
3 S Ltd. acquired it shares in U Ltd. on 30 September, 2009. At that time U Ltd.'s profit for the year to 30 September, 2010 amounted to Rs.30,000.
4 Included in T Ltd.'s stock at 30 September, 2010 was Rs.15,000 of goods received from S Ltd. during the year. S Ltd.had invoiced them to T Ltd. at cost plus 50%.
5 The respective company's debtors and creditors at 30 September, 2010 include the following inter-company debts:
A S Ltd. owed T Ltd. Rs.20,000
B S Ltd. owed U Ltd. Rs.10,000
And
C U Ltd. owed T Ltd. Rs.5,000
6 In its consolidation accounting policies, S Ltd. eliminates unrealized profits without charge to minorities.
Required:
Prepare the consolidated balance sheet as at 30 September, 2010.
Q-3
The following is the summary of the balance sheets of A Ltd. And B Ltd. At 31 March 2010
|
| A Ltd. | B Ltd. |
|
| Rs. | Rs. |
| Issued share Capital Ord.Shares Rs.1 each | 100,000 | 50,000 |
| Reserves | 112,000 | 32,000 |
| Net Assets | 212,000 | 82,000 |
A Ltd. Purchased 30,000 shares in B Ltd. On 31 March 2008 at a cost of Rs.60,000.
The following is the summary of the balance sheet of B Ltd. At 31 March 2008:
|
| Rs. |
| Issued share Capital Ord.Shares Rs.1 each | 50,000 |
| Reserves | 24,000 |
| Net Assets | 74,000 |
Required:
A Explain what the items of goodwill and minority interest represent.
B Prepare a summary of the consolidated balance sheet of the group at 31 March 2010.
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