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1) H Ltd. acquired all the shares in S Ltd.

on 1st January 2012 and liabilities and assets of the

two companies on 31st March, 2012 were as follows:

Liabilities H Ltd.(Rs.) S Ltd. (S) Assets H Ltd.(Rs.) S Ltd (Rs.)


Share Capital 50000 30000 Sundry Assets 65000 70000

Reserve as on 20000 15000 Shares in S Ltd 50000


1/4/2011 at cost

Surplus A/C
25000 10000
Sundry
Creditors

20000 15000
115000 70000 115000 7000
st
Surplus of S Ltd. had a credit balance of Rs. 3000 on 1 April 2011. Prepare a consolidated
balance sheet as on 31st March 2012.

2) A Ltd. acquired 16000 equity shares of Rs. 10 each in B Ltd. on 1st July 1996. The balance
sheets of two companies as on 31st December,1996 were as follows:

Liabilities A Ltd. B Ltd. Assets A Ltd. B Ltd.


Share capital 500000 200000 Land and 1,80,000 1,90,000
buildings
Reserves 240000 100000
Plant and
Profit & Loss 57200 82000 machinery 2,40,000 135000
A/C
Investments in
Bank overdraft B Ltd.(at cost)
100000 3,30,000
Bills payable Stock

Sundry Sundry debtors


creditors
Bills
13000 receivables

69800 20000 Cash 1,44,000 42000

44000 40000

14800

14200 8000
967000 415000 967000 415000

i) The profit and loss account of B Ltd. showed a balance of Rs. 30,000 on 1stJanuary
1996 out of which a dividend of 10% was paid on 1st August. The dividend was credited by A
Ltd to its profit and loss a/c . Profit may be assumed to have accrued evenly throughout the year.

ii) The plant and machinery of B Ltd. which stood at Rs. 1,50,000 on 1st January 1996
was considered worth Rs. 1,80,000 on the date of acquisition by A Ltd. Plant and machinery is
depreciated at 10%.

Prepare the consolidated balance sheet of A Ltd. and its subsidiary as on 31st December 1996.

3)Following is the balance sheet of Downhill Ltd. as on 31st March 1995:

Liabilities Rs. Assets Rs.


20000 Equity shares of 2000000 Goodwill 25,000
Rs. 100 each

Land& Building 1,50,000


12% Debentures
500000

Plant& Machinery 3,00,000


Outstanding debenture
interest 1,20,000

Furniture 80,000

Creditors

3,00,000 Stock 2,70,000

Debtors 60,000

Cash at bank 35000

Preliminary expenses 20,000

Profit & Loss A/C

19,80,000
29,20,000 29,20,000

The following scheme of reconstruction is executed:

a) Equity shares are reduced by Rs. 95 per share. They are then consolidated into 10,000
equity shares of Rs. 10 each.

b) Debentureholders agree to forego outstanding debenture interest. As a compensation 12%


debentures are converted into 14% debentures, amount remaining the same.

c) Creditors are given the option to either accept 50% of their claims in cash in full settlement
or to convert their claim into equity shares of Rs. 10 each. Creditors for Rs. 2,00,000 opt for
shares in satisfaction of their claim.

d) To make payment to creditors opting for cash payment and to augment working capital, the
company issues 50,000 equity shares of Rs. 10 each at par, the entire amount being payable
along with application. The issue was fully subscribed.
e) Land and buildings are revalued at Rs. 2,00,000 whereas Plant and Machinery is to be
written down to Rs. 2,10,000. A provision amounting to Rs. 5000 is to be made for doubtful
debts.

Pass journal entries and draft company’s balance sheet immediately after reconstruction.

4)A Ltd. acquired 16000 equity shares of Rs. 10 each in B Ltd. on 1st July 1996. The balance
sheets of two companies as on 31st December,1996 were as follows:

Liabilities A Ltd. B Ltd. Assets A Ltd. B Ltd.


Share capital 500000 200000 Land and 1,80,000 1,90,000
buildings
Reserves 240000 100000
Plant and
Profit & Loss 57200 82000 machinery 2,40,000 135000
A/C
Investments in
Bank overdraft B Ltd.(at cost)
100000 3,30,000
Bills payable Stock

Sundry Sundry debtors


creditors 13000
Bills
69800 20000 receivables 1,44,000 42000

Cash 44000 40000

14800

14200 8000
967000 415000 967000 415000

i) The profit and loss account of B Ltd. showed a balance of Rs. 30,000 on 1stJanuary
1996 out of which a dividend of 10% was paid on 1st August. The dividend was credited by A
Ltd to its profit and loss a/c . Profit may be assumed to have accrued evenly throughout the year.
ii) The plant and machinery of B Ltd. which stood at Rs. 1,50,000 on 1st January 1996
was considered worth Rs. 1,80,000 on the date of acquisition by A Ltd. Plant and machinery is
depreciated at 10%.

Prepare the consolidated balance sheet of A Ltd. and its subsidiary as on 31st December 1996

5) Green Limited had decided to reconstruct the Balance Sheet since it has accumulated huge

losses. The following is the Balance Sheet of the Company on 31.3.2000 before reconstruction:

Balance Sheet of Green Limited as at 31.3.2000


Liabilities Rs Assets Rs.
Share Capital: Fixed Assets:

Authorised: 75,00,000 Goodwill 20,00,000

1,50,000 Equity Shares Building 10,00,000


of Rs. 50 each
Plant 10,00,000
Subscribed and Paid up
Capital: Computers 25,00,000

50,000 Equity Shares of Investments


Rs. 50 each
25,00,000 Current Assets
1,00,000 Equity Shares
of Rs. 50 each, Profit and Loss A/c— 20,00,000
Loss
Rs. 40 per share paid up 40,00,000

Secured Loans:

12% First Debentures

12% Second
Debentures
Current Liabilities: 5,00,000

Sundry Creditors 10,00,000

5,00,000
85,00,000 85,00,000

The following is the interest of Mr. X and Mr. Y in Green Limited:


Mr. X Mr. Y
12% First Debentures 3,00,000 2,00,000

12% Second Debentures 7,00,000 3,00,000

Sundry Creditors 2,00,000 1,00,000

Fully paid up Rs. 50 shares 3,00,000 2,00,000

Parly paid up shares (Rs. 40 5,00,000 5,00,000


paid up)

The following Scheme of Reconstruction is approved by all parties interested and also by the

Court:

(a) Uncalled capital is to be called up in full and such shares and the other fully paid up shares

be converted into equity shares of Rs. 20 each.


(b) Mr. X is to cancel Rs. 7,00,000 of his total debt (other than share amount) and to pay Rs. 2

lakhs to the company and to receive new 14% First Debentures for the balance amount.

(c) Mr. Y is to cancel Rs. 3,00,000 of his total debt (other than equity shares) and to accept

new 14% First Debentures for the balance.

(d) The amount thus rendered available by the scheme shall be utilised in writing off of

Goodwill, Profit and Loss A/c Loss and the balance to write off the value of computers.

You are required to draw the Journal Entires to record the same and also show the Balance

Sheet