CFR - PART 1.docx

ADHISH SIR 1
COMPILED BY: ADHISH BHANSALI SIR (FCA)
M.NO. - 9829279730
EXCLUSIVE WORK BOOK OF CMA FINAL
PAPER – 17 – CORPORATE FINANCIAL
REPORTING
PART – 1
COMPILED BY: ADHISH BHANSALI (FCA)
INDEX OF PART – 1
S. NO. NAME OF CHAPTER PAGE
NO.
NUMBER OF
QUESTIONS
1. IND AS – 110 – CONSOLIDATED FINANCIAL STATEMENT 2 – 37 70
2. IND AS – 103 – BUSINESS COMBINATION 38 – 67 64
3. IND AS – 102 – SHARE BASED PAYMENT 68 – 95 74
CHAPTER – CONSOLIDATED FINANCIAL STATEMENT
IND AS – 110

ADHISH SIR 2
TOPIC: BASIS CONSOLIDATIONS QUESTIONS
Question: 1
On 1.1.2009, X paid ₹21,600 to acquire 90 % of equity shares of Y. At 31.12.2009, financial position of each
of the following two companies were as follows:
X Y
Non – current assets 70,000 36,000
Investment in Y Limited 21,600
Current assets 27,000 15,000
Total 1,18,600 51,000
Share capital (` 1 per share) 62,000 24,000
Retained earnings 44,600 19,500
Current liabilities 12,000 7,500
1,18,600 51,000
Balance of Retained earnings on 1.1.2009 for YLimited was `8,000.
Required:
(i) Calculate amount of goodwill for consolidated statement
(ii) Calculate value of NCI for consolidated statement
(iii) Calculate retained earnings for consolidated statement
Question: 2
On 1.1.2008, Yati Limited acquired 70 % of the ordinary shares of Dishita Limited, when the retained earnings
of Dishita Limited stood at `15,000. The fair value of non – controlling interest on the date of acquisition was
`40,000. At 31.12.2010 the statement of financial position of each of the two companies were as follows:
Yati Limited Dishita Limited
Non current assets 1,25,000 75,000
Investments in Dishita Ltd. (At cost) 50,000
2,05,000 90,000
Share capital (` 1 each) 1,20,000 50,000
2,05,000 90,000
Required:
(i) Goodwill to be shown in consolidated financial statement
(ii) NCI to be shown in consolidated financial statement
(iii) Retained earnings to be shown in consolidated financial statement.
Question: 3
H Limited acquired 80 % Share capital of S Limited on 1.10.2019 for ₹4,25,000. Following information is
available in respect of S Limited:
Particulars 1.4.2019` 31.3.2020
Share Capital 6,50,000 6,50,000
Profit and Loss account 60,000 1,32,000
General reserve 40,000 1,00,000
Capital reserve 25,000
Preliminary expenses 5,000
H Limited decided to measure NCI at fair value.
Required:

ADHISH SIR 3
(a) Goodwill to be shown in consolidated financial statement
(b) NCI to be shown in consolidated financial statement
(c) Other equity to be shown in consolidated financial statement.
Question: 4 [IFRS - Adopted]
M Limited paid ₹ 1,40,000 cash to acquire 60 % of ordinary shares of B Limited and use proportionate net
asset approach to determine NCI. Additional information available at acquisition:
Book value Fair value
Cash 5,000
Inventory 10,000 32,000
Land 1,15,000 1,15,000
Equipment 20,600 20,600
Building 10,100 10,100
1,60,700
Accounts payable 40,000 40,000
Long term loans 20,700 20,700
Share capital 55,000
Retained earnings 45,000
1,60,700
(a) Calculate amount of Goodwill / Bargain purchase
(b) Calculate amount of Goodwill / Bargain purchase if NCI is to be measured at fair value method.
The following statement of financial position were extracted from the books of two companies at 31.12.2019:
H S
I. Assets:
Non – current assets 75,000 11,000
Investment in shares of S Limited 27,000 -
Current assets 2,14,000 33,000
Total 3,16,000 44,000
II. Equity and Liabilities:
Equity share capital 80,000 4,000
Security premium 20,000 6,000
Current liabilities 1,76,000 25,000
Total 3,16,000 44,000
H Limited acquired all of the share capital of S one year ago. The retained earnings of S stood at 2,000 on the
day of acquisition. Goodwill is calculated by using fair value method. Prepare consolidated Balance – sheet at
31.12.2019.
Question: 6 [IFRS - adopted]
The Following separate financial position have been prepared at 31.12.2018:
H S
I. Assets:
Non – current assets
PPE 85,000 18,000
Investment in S Limited 60,000
Current assets 1,60,000 84,000
Total 3,05,000 1,02,000

ADHISH SIR 4
Security premium 35,000 10,000
Total 3,05,000 1,02,000
H Limited acquired 80 % holding in S Limited on 1.1.2018, when retained earnings of S Limited stood at ₹
20,000. On this date fair value of the NCI shareholding is S Limited was ₹12,500. The Hgroup uses the fair
value method to value the NCI. Prepare Consolidated balance – sheet.
P acquired 75 % of the shares in S on 1.12017 when S had retained earnings of ₹ 15,000. The market price of
S’s share just before the date of acquisition was ₹ 1.60. P value the NCI at fair value. The statements of
financial position of P and S at 31.12.2017 were as follows:
P S
I. Assets:
Non – current assets:
PPE 60,000 50,000
Investment in S Limited 68,000 -
Total 1,80,000 85,000
Share capital 1,00,000 50,000
Total 1,80,000 85,000
Prepare Consolidated statement of financial position as on 31.12.2017.
Question: 8
H Limited acquired 80 % share capital of S Limited on 1.10.2019. Financial positions of both the
companies as on 31.3.2020 were as under:
H S
I. Assets:
Non current assets 8,00,000 6,50,000
Investment (80 % shares of S Ltd. at cost) 5,25,000 -
Current assets 2,75,000 3,50,000
Total 16,00,000 10,00,000
Equity share capital (₹ 10) 7,50,000 6,00,000
Profit and Loss account 1,20,000 1,00,000
General reserve 40,000 60,000
Non – current liabilities 4,40,000 80,000
Current Liabilities 2,50,000 1,60,000
Total 16,00,000 10,00,000
(i) Balances of Reserves of S Limited on 1.4.2019:
Profit and Loss account = 34,000
(ii) There was an abnormal loss of ₹ 12,000 due to fire on 1.6.2019.
(iii) Abnormal gain of ₹ 24,000 received on 1.1.2020.
(iv) H Limited decided to value NCI at proportionate net asset method.
Prepare consolidated Balance – sheet as on 31.3.2020.

ADHISH SIR 5
Question: 9 [CMA – Study Material]
The following are the extract Balance – sheet of H and S Company as on 31.3.2016
Liabilities H S Assets H S
Share capital (`10) 20,000 10,000 Fixed assets 30,000 15,000
General reserve 10,000 5,000 Current assets 35,000 25,000
Profit and loss account
(1.4.2915)
5,000 4,000 Shares in S Limited (800
shares )
10,000
12 % Debentures 20,000 10,000
Sundry creditors 10,000 5,000
Profit for the year 10,000 6,000
75,000 40,000 75,000 40,000
H Limited acquired shares in S Limited on 1.10.2015. S Limited has a balance of `4,000 in General reserve on
1.4.2015. On the account fire goods costing `2,000 of S Limited were destroyed in June, 2015. The loss has
been charged to the profit and loss account for the year.
Required to prepare consolidated Balance – sheet.
Question: 10
Balance –sheet as on 31.3.2017
Liabilities H Ltd. S Ltd. Assets H Ltd S Ltd.
Equity share capital (`10 each) 12,00,000 8,00,000 Fixed assets 9,00,000 10,80,000
General reserve 4,00,000 4,00,000 Investment (75 %
shares)
9,62,000 -
Profit and loss account 1,00,000 1,00,000 Current assets 2,20,000 5,00,000
10 % Debentures 2,00,000 1,50,000 Preliminary expenses 18,000 20,000
Current liabilities 2,00,000 1,50,000
21,00,000 16,00,000 21,00,000 16,00,000
Additional information:
(i) There was an abnormal gain of `10,000 to S Limited on 1.1.2017 and abnormal loss of `5000 on 1.2.2017.
(ii) Shares were purchased on 1.10.2016.
(iii) Balance of reserves on 1.4.2016:
General reserve - `2,20,000
Profit and loss account - `50,000
(iv) There was an abnormal loss of `15,000 on 1.4.2016.
Question: 11
Balance sheet as on 31.3.09
Liabilities H Ltd. S Ltd. Assets H Ltd. S Ltd.
Equity share capital 5,00,000 1,50,000 Fixed assets 7,50,000 3,00,000
Profit and loss a/c 1,00,000 50,000 Investments in 60 %
shares of S Ltd.
1,50,000 -
General reserve 1,00,000 1,00,000 Current assets 2,00,000 1,00,000
Creditors 4,00,000 1,00,000
11,00,000 4,00,000 11,00,000 4,00,000
Shares were purchased on 1.12.08. As on 1.4.08 balance in profit and loss account – Rs. 15,000 and general
reserve – Rs. 40,000. There were abnormal loss of Rs. 10,000 due to fire occurred in September, 08. There was
abnormal gain of Rs. 5,000 in July, 08. There was a fire again in 1.1.09. Due to fire loss was Rs. 10,000 out of
which insurance claim of Rs. 5,000 is received. Prepare consolidated balance sheet as on 31.3.09.

ADHISH SIR 6
Question: 12
Following are the Balance – sheet of H Ltd. and S Ltd. as on 31.3.2012:
Equity share capital 1,00,000 80,000 Plant 1,00,000 90,000
Profit and loss account 1,30,000 40,000 Furniture 2,00,000 40,000
General reserve 70,000 10,000 Investment (70 % shares) 1,00,000 -
Current liabilities 1,50,000 60,000 Current assets 50,000 60,000
4,50,000 1,90,000 4,50,000 1,90,000
(i) Shares were purchased on 1.10.2011.
(ii) Balance in profit and loss account and general reserve of S Ltd. was 18,000 and 4,000 on 1.4.2011.
(iii) There was an abnormal loss of Rs. 3,000 on 1.5.2011
(iv) There was an abnormal gain of Rs. 1,800 on 1.1.2012.
(v) Market value of plant and furniture as on 1.10.2011 was Rs. 1,20,000 and Rs. 70,000 respectively.
(vi) Rate of depreciation on plant and furniture is 10 % and 20 % respectively.
(vii) Group company decide to measure NCI at proportionate net asset method.
Question: 13
Balance – sheet as on 31.3.2009
Equity share capital 6,00,000 2,00,000 Plant and machinery 3,90,000 1,35,000
Profit and loss account 1,00,000 60,000 Furniture 80,000 40,000
General reserve 3,40,000 80,000 Investment in S Ltd. (80
% )
3,40,000 -
Creditors 70,000 35,000 Stock 1,80,000 1,20,000
Debtors 50,000 30,000
Cash at bank 70,000 50,000
11,10,000 3,75,000 11,10,000 3,75,000
(i) As on 1.4.08 balance of profit and loss account – `30,000 and general reserve – `80,000.
(ii) Shares were acquired on 1.10.08.
(ii) Plant and machinery of S Ltd. as on 1.4.08 `1,50,000 was considered worth `1,80,000 as on 1.10.08.
(iv) Group Company decide to value NCI at fair value method.
Question: 14
The Balance –sheet of Small Limited as on 31.3.2020 was as under:
Liabilities Amount (in
lakhs)
Assets Amount (In
lakhs)
Equity shares of `100 each 6.00 Land and building 4.00
General reserve 3.00 Machine (B/F) 3.50
Profit and loss account (on 1.4.2019) 1.20 Depreciation for the year 0.50 3.00
Profits for the year 0.60 Stock 2.00
Creditors 1.20 Debtors 1.50
Cash and bank balance 0.50
Preliminary expenses 0.50
12.00 12.00

ADHISH SIR 7
Big Limited purchased 4,000 equity shares of `100 each on 1st
October, 2019 on which date it was found that
land and building were undervalued by `1 lakh and machinery was worth only `2.75 lakhs. In preparing the
consolidated Balance – sheet, it was decided to value NCI by using proportionate net asset method.
Required:
(a) Value of NCI on consolidation date
(b) Goodwill / Bargain purchase
Question: 15
Balance – sheet of P and S as on 30th
June, 2008 are given below:
P S
I. Assets
PPE 15,000 9,500
Investment 5,000
27,500 14,500
Share capital (` 1 each) 6,000 5,000
Security premium 4,000 -
Non current liabilities 1,000 500
27,500 14,500
P acquired 60 % of S on 1st
July, 2007 when the retained earnings of S were `5,800. P paid `5,000 in cash. P
also issued 2 shares for every 5 acquired in S and agreed to pay a further `2,000 in 3 years time. The market
value of P’s shares at 1st
July, 2007 was 1.80. P has only recorded the cash paid in respect of investment in S.
Current interest rates are 6 %. P group company use fair value method to value the NCI. Fair value of NCI on
acquisition date was ` 5,750.
Prepare Consolidated Balance – sheet.
Question: 16
A B
I. Assets
PPE 25,00,000 20,00,000
Investment 5,00,000
Current assets:
Cash and cash equivalent 16,00,000 3,00,000
Other current asset 5,00,000 4,00,000
51,00,000 27,00,000
Equity share capital (`10 each) 30,00,000 10,00,000
Other equity:
Security premium 10,00,000 1,00,000
General reserve 2,00,000 1,00,000
Non – current liabilities 4,00,000 6,00,000
51,00,000 27,00,000

ADHISH SIR 8
(i) On 31st
March 2019, A Limited purchased 50,000 shares of BLimited and agreed to pay:
(a) Cash of ` 3 per share
(b) 3 shares for every 2 shares held
(c) `60,000 after 3 years. Discount rate is 10 %.
(d) ` 90,000, if EPS of A Limited is `20 after 3 years. Fair value of contingent consideration is ` 20,000.
(ii) A Limited held 10,000 shares of B Limited on 31.3.2019, which were purchased for `19 per share. fair
value of shares on 31.3.2019 for A Limited is ` 18.
(iii) A Limited had not journalised entry for Purchases or revaluation of shares on 31.3.2019.
Prepare Consolidated Balance – sheet .
Prepare consolidated Balance – sheet of a group of P Limited, Q Limited and R Limited for which abstracts of
Balance – sheets on 31.3.200x6 are given below.
(` in lakhs)
P Q R
PPE 400 500 320
Investment in Q (80 %) 480
Investment in R (75 %) 300
Current assets:
Inventory 250 80 60
Trade receivables 280 120 200
Bills receivables 70 50
Cash and bank 180 50 60
Total assets 1,660 1,050 690
Equity and Liabilities:
Share capital (`10 each) 600 500 300
Other equity 460 160 120
Current liabilities:
Trade payables 500 300 200
Bills payables 100 90 70
Total 1,660 1,050 690
Control was acquired on 30.9.20x5 the balances:
Q R
Other equity 100 50
(i) NCI is measured at fair value.
(ii) Inventory of Q included 16 lakhs purchased from R at cost of 33.33 %.
(iii) Bills receivables of R include 30 from P and Bills receivable of R includes 40 from Q.
Question: 18
Prepare the consolidated Balance – sheet as on 31.3.2018 of a group of companies comprising Usha Limited,
Nisha Limited and Sandhya Limited, their summarized balance – sheet on that date are given below:
(` in Lakhs)
Usha Limited Nisha limited Sandhya
Limited
I. Assets
Tangible assets 160 180 150
Investment:
16 L shares in Nisha Limited 170 - -

ADHISH SIR 9
12 L shares in Sandhya Limited - 140 -
Current assets:
Cash in hand and at bank 114 20 20
Bills receivables 36 - 15
Inventories 110 35 25
720 425 320
II. Equity and Liabilities
Reserves 90 50 40
Retained earnings 80 25 30
Bills payable
Usha Limited - 35 -
Sandhya Limited 15 - -
720 425 320
The following additional information is available:
(i) Usha Limited holds 80 % shares in Nisha Limited and Nisha Limited hold 75 % shares in Sandhya Limited.
Their holdings were acquired on 30th
September, 2017.
(ii) The business activities of all the companies are not seasonal in nature and therefore, it can be assumed that
profits are earned evenly throughout the year.
(iii) On 1st
April, 2017, the following balances stood in the books of Nisha Limited and Sandhya Limited
Nisha Ltd. (` in
lakhs)
Sandhya Ltd. (`
in lakhs)
Reserves 40 30
Retained earnings 10 15
(iv) ` 5 Lakh included in the inventory figure of Nisha Ltd. which has been purchased from Sandhya Ltd. at
cost plus 25 %.
(v) The parent company has adopted an accounting policy to measure non – controlling interest at fair value
(quoted market price) applying IND AS – 103. Assume prices of Nisha Limited and Sandhya Limited are the
same as respective face values.
(vi) The Capital profit preferably is to be adjusted against cost of control.
Question: 19
Prepare the consolidated balance – sheet as on 31.3.20x2 of a group of companies comprising P Limited, S
Limited and SS Limited. Their Balance – sheet on that date are given below:
(` in lakhs)
P S SS
I. Assets
PPE 320 360 300
Investment:
16 L shares in S Limited 340 - -
12 L shares in SS Limited - 280 -
Current assets:
Inventories 220 70 50

ADHISH SIR 10
Financial assets:
Bills receivables 72 - 30
Cash at bank 228 40 40
1440 850 640
Other equity
Reserves 180 100 80
Current Liabilities:
Bills payable
P Ltd. - 70 -
SS Ltd. 30 - -
1440 850 640
The following additional information is available:
(i) P Limited holds 80 % shares in S Limited and S Limited holds 75 % shares in SS Limited. Their holdings
were acquired on 30th
September, 20x1.
(ii) The business activities of all the companies are not seasonal in nature and therefore, it can be assumed that
profits are earned evenly throughout the year.
(iii) On 1st
April, 20x1 the following balances stood in the books of S and SS Limited.
S Limited SS Limited
Reserves 80 60
(iv) `10 lakhs included in the inventories figure of S limited is inventory which has been purchased from SS
Limited at cost plus 25 %.
(v) The parent company has adopted an accounting policy to measure NCI at fair value (quoted market price)
applying IND AS – 103. Assume market prices of S Limited and SS Limited are the same as respective face
value.
Question: 20
Below are the statements of financial position of three companies as at 31.12.20x9:
B (` in 000) J (` in 000) G (` in 000)
I. Assets:
PPE 720 60 70
Investment in group companies 185 100 -
Current assets 175 95 90
1,080 255 160
Equity share capital (` 1) 400 100 50
Current liabilities 120 65 45
1,080 255 160
You are given the following information:
(i) B acquired 60 % of share capital of J on 1.1.20x2 and 10 % in G on 1.1.20x3. The cost of combinations
were ` 1,42,000 and `43,000 respectively. J acquired 70 % of the share capital of G on 1.1.20x3.

ADHISH SIR 11
(ii) The retained earnings balances of J and G were:
1.1.20x2 1.1.20x3
J 45 60
G 30 40
(iii) It is the group policy to value NCI at acquisition at its proportionate share of fair value of subsidiary ‘s net
asset.
Prepare consolidated Balance – sheet of group company.
Question: 21
Entity A acquired 60% of entity B two years ago for ` 6,000. At the time entity B’s fair value
was ` 10,000. It had net assets with a fair value of ` 6,000 (which for the purposes of this example was the
same as book value). Goodwill of ` 2,400 was recorded (being ` 6,000 – (60% * ` 6,000). On 1 October 20X0,
entity A acquires a further 20% interest in entity B, taking its holding to 80%. At that time the fair value of
entity B is ` 20,000 and entity A pays ` 4,000 for the 20% interest. At the time of the purchase the fair value of
entity B’s net assets is ` 12,000 and the carrying amount of the non- controlling interest is ` 4,000. Pass journal
entries to record the transaction.
Question: 22
A Ltd. acquired 10% additional shares of its 70% subsidiary. The following relevant information is available in
respect of the change in non-controlling interest on the basis of Balance sheet
finalized as on 1.4.20X0:
` in thousand
Separate financial statement: As on 31.3.20x0
Investment in subsidiary (70 % interest) – at cost 14,000
Purchase price for additional 10 % Interest 2,600
Consolidated financial statement:
Non – controlling interest (30 %) 6,600
Consolidated profit and loss account 2,000
Goodwill 600
The reporting date of the subsidiary and the parent is 31 March, 20X0. Prepare note showing adjustment for
change of non-controlling interest. Should goodwill be adjusted for the change?
Question: 23
A ltd. acquired 70% of shares of B ltd. On 1.4.20X0 when fair value of net assets of B Ltd. was ` 200 lakh.
During 20X0-20X1, B ltd. made profit of ` 100 lakh. Individual and consolidated balance sheets as on 31.3.
20X1 are as follows: (` in lakhs)
A B Group
Assets:
Goodwill 10
PPE 627 200 827
Financial assets:
Investment 150
Cash 200 30 230
Other current assets 23 70 93
1,000 300 1,160
Equity and Liabilities:
Share capital 200 100 200
Other equity 800 200 870
Non – controlling interest 90
1,000 300 1,160

ADHISH SIR 12
A ltd. acquired another 10% stake in B ltd on 1.4. 20X1 at ` 32 lakh. The proportionate carrying amount of the
non-controlling interest is ` 30 lakh. Show the consolidated balance sheet of the group immediately after the
change in non-controlling interest.
Question: 24 [CMA – Study Material - 15]
DQ Limited acquired 60 % shares of RK Limited on 10.4.20017. Fair value of net assets at the time of
acquisition was 3,00,000. In 2017 – 18 RK made a profit of 60,000. Individual and consolidated balance –
sheet as at 31.3.2018:
DQ RK Consolidated
Goodwill 50,000
PPE 5,00,000 2,80,000 7,80,000
Investment in RK 2,30,000
Current assets 2,00,000 1,80,000 3,80,000
9,30,000 4,60,000 12,10,000
Equity share capital 4,00,000 2,00,000 4,00,000
Other equity 4,10,000 1,60,000 4,46,000
Non – controlling interest 1,44,000
Current Liabilities 1,20,000 1,00,000 2,20,000
9,30,000 4,60,000 12,10,000
On 1.4.2018 DQ acquired further 10 % shares of RK at 46,000. NCI is measured at proportionate carrying
amount. Pass journal entry for change in holding and prepare separate and consolidated balance – sheet as at
1.4.2018.
Company P Ltd. (a listed company) acquires 60% shares in company Q Ltd. on 1-4-17 at a cost of (` Lakhs)
1,38,000, paid by issue of shares of ` 10 at par, when fair value of identifiable net assets of Q was (` Lakhs)
2,20,000.
The abstract of balance sheets of Q (along with fair values at the acquisition date) and P at the beginning and at
the end of the year are as follows:
(a) Pass journal entries in consolidated accounts of P and show consolidated balance sheet of P on 1-4-17
based on Ind AS 103 and Ind AS 110.
(b) Prepare consolidated balance sheet and separate balance sheet of P on 31-3-18 based on Ind AS 110.
Company P Ltd. acquires 60% shares of company S Ltd. on 1/4/17 by issue of equity shares at fair value of
360, paid up value 100. The book values and fair values of the assets and liabilities of the companies at the

ADHISH SIR 13
date of acquisition and at the end of the year are stated below. The total comprehensive income of P and S in
the year ending 31-03-2018 amounted to 60 and 70 respectively. (` Lakhs)
Pass entries for business combination under acquisition method and prepare CBS on 1-4-17 and on 31-3-18.
X Ltd. acquires 80% of equity of Y Ltd. on 31-03-20x3 at cost of (` Lakhs) 100, when the Equity Share Capital
and Other Equity of Y Ltd. were 40 and 80 respectively. For the years ending on 31-03-20x4 and 31-03-20x5,
Y Ltd accounted Total Comprehensive income of (15) and 25. Find NCI (Proportionate Net Asset Method), X
Ltd’s share in post-acquisition profits of Y Ltd. and Goodwill to be shown in CFS of X Ltd. at the end of the
years.
Z Ltd. purchased 80% shares in C Ltd. on 1-10-20x1 at 240000. C Ltd. at 31-03-20x1 had Issued Share Capital
200000 and Other Equity 60000. For year ending on 31-03-20x2 C Ltd. made profits 30000 and declared
dividend 40000.
Other information:
A. NCI measured at fair value. or
B. NCI measured at proportionate net assets. Or
C. On the date of acquisition fair value of identified net assets measured at 250000 and NCI measured (I) at
fair value; (II) at proportionate net assets value.
For each of A, B and C:
(a) (i) Find NCI on date of acquisition and on 31-03-20x2. (ii) Find Goodwill and (iii) pass journal entry (in
consolidated accounts).
(b) Pass journal entries for Separate financial statements.
(c) Show relevant parts in Consolidated Balance sheet and Separate Balance Sheet
Question: 29
H Limited acquired 80 % equity shares of S Limited on 1.4.2019 and agreed to pay:
(a) Immediate cash payment of `5,00,000.
(b) 2 shares for every 4 shares held at a fair value of `14.
(c) ` 3,00,000 after 2 year’s time. Appropriate discount rate is 12 %.
Financial position of both the companies on 31.3. 2020 were as under:
Particulars H S
I. Assets
Non current assets 12,00,000 10,00,000
Investments 5,00,000
Current assets 8,00,000 5,00,000
25,00,000 15,00,000
Equity share capital (`10 each) 10,00,000 8,00,000
Profit and loss account 3,00,000 1,48,000

ADHISH SIR 14
Non current liabilities 7,00,000 2,25,000
25,00,000 15,00,000
(a) Balances of reserves of S Limited on 1.4.2019 were:
Profit and loss account - `80,000
General reserve - ` 50,000
(b) Consideration in form of shares and deferred consideration have not yet been recorded.
(c) Group company decided to measure NCI at proportionate NA method.
Prepare Consolidated Balance – sheet as on 31.3.2020
Question: 30
Yati Limited acquired 75 % Equity interest of Dishita Limited on 1.4.2019 and agreed to pay:
(a) Immediate cash payment of `2,25,000
(b) 1 share for every 2 shares held at a fair value of `12.
(c) Cash payment of `1,25,000 in 2year’s time. Appropriate discount rate is 10 %.
Financial position of both the companies on 31.3.2020 were as under:
Yati Dishita
I. Assets
PPE 10,00,000 7,20,000
Furniture 2,00,000 1,70,000
Investment 2,25,000
Current assets:
Debtors 2,00,000 1,50,000
Stock 3,00,000 1,70,000
Other current assets 3,75,000 2,30,000
23,00,000 14,40,000
Equity share capital (` 10 each) 10,00,000 8,00,000
General reserve 1,50,000 96,000
Securities premium 1,00,000 50,000
Non – current liabilities 6,35,000 2,75,000
23,00,000 14,40,000
(a) Balances of reserves of Dishita Limited as on 1.4.2019 were:
Profit and loss account = 84,000
General reserve = 72,000
(b) Consideration in form of shares and deferred consideration have not yet been recorded.
(c) Yati Limited revalue assets of Dishita Limited as under:
PPE - `8,40,000
Furniture - `1,75,000
(d) Dishita Limited follow SLM of depreciation for non – current assets. Rate of depreciation is 10 % for PPE
and 15 % for Furniture..
(e) There was a fire in premises of Dishita Limited on 1.7.2019 and due to fire loss of ` 15,000 occurred.
(f) Yati Group company decide to measure NCI by using proportionate net asset method.

ADHISH SIR 15
Question: 31
Balance –sheet as on 31.3.2017
Liabilities H Limited S Limited Assets H Limited S Limited
Equity share capital 12,00,000 8,00,000 Non – current assets 12,00,000 8,00,000
General reserve 4,00,000 3,00,000 Investment in S
Limited (70 %)
7,25,000 -
Profit and loss account 3,00,000 2,00,000 Current assets 2,60,000 7,30,000
10 % Debentures 1,50,000 1,00,000 Fictitious assets 15,000 20,000
22,00,000 15,50,000 22,00,000 15,50,000
(i) Shares were purchased by H Limited on 1.10.2016.
(ii) Balances of reserves of S Limited on 1.4.2016 were:
Profit and loss account - `1,20,000
General reserve - `1,00,000
(iii) There was an abnormal loss of `12,000 on 1.4.2016 and abnormal gain of `15,000 on 1.1.2017.
(iv) Non – current asset of S Limited were revalued at ` 9,52,000. Rate of depreciation is 20 % on SLM.
(v) H Limited incurred `500 per month towards an expense on behalf of S Limited and debited the same to the
profit and loss account. No rectification entries has been passed.
Prepare consolidated balance – sheet.
Question: 32
On 1st
October,2009 Poddar Ltd. acquired 12,000 equity shares of Bhansali Ltd. of the face value of `10 each at
a price of `1,70,000. The balance sheet of two companies as on 31st
March, 2010 are as follows:
Liabilities Poddar
Ltd.
Bhansali
Ltd.
Assets Poddar
Ltd.
Bhansali
Ltd.
Equity shares of Rs. 10 each 10,00,000 2,00,000 Goodwill 3,00,000 70,000
General reserve (1.4.09) 4,20,000 1,00,000 Land and building 4,00,000 1,00,000
Profit and loss account (1.4.09) 90,000 40,000 Plant and machinery 5,00,000 1,00,000
Profit for the year 1,70,000 45,000 Stock 2,00,000 40,500
Creditors 2,40,000 92,000 Debtors 3,00,000 1,34,500
Bills payable 80,000 60,000 Investment 2,00,000 -
Bills receivables 20,000 30,000
Bank 60,000 50,000
Cash 20,000 12,000
20,00,000 5,37,000 20,00,000 5,37,000
Out of the debtors and bills receivable of Poddar Ltd. Rs. 50,000 and Rs. 16,000 respectively represented those
due from Bhansali Ltd. The stock in the hands of Bhanslai Ltd. includes goods purchased from Poddar Ltd. at
Rs. 20,000 which includes profit charged by latter company @ 25 % at cost. Prepare a consolidated balance
sheet as on 31st
March, 2010 and also show your workings.
Question: 33
Equity share capital 12,00,000 8,00,000 Fixed assets 12,00,000 8,10,000
General reserve 5,00,000 4,00,000 Investment in shares
(70 %)
6,85,000 -
Profit and loss account 4,00,000 2,00,000 Investment in 1,15,000 -

ADHISH SIR 16
debentures (1000
debentures)
10 % Debentures 3,00,000 1,00,000 Debtors 80,000 50,000
Creditors 1,20,000 40,000 Bills receivables 70,000 50,000
Bills payables 80,000 60,000 Stock 2,00,000 1,00,000
Cash 2,30,000 5,75,000
Preliminary expenses 20,000 15,000
26,00,000 16,00,000 26,00,000 16,00,000
(i) Shares were acquired on 1.10.2016.
(ii) Balances of reserves of S Ltd. are as under
 General reserve - `1,00,000
 Profit and loss account - `1,20,000
(iii) There was abnormal loss of `15,000 due to fire on 1.7.2016.
(iv) H Limited revalued fixed asset of S Limited on 1.10.2016 as `9,85,000. S Limited followed straight line
method of depreciation. Rate of depreciation is 10 %.
(v) Bills payable of S Limited includes bills worth `20,000 drawn by H Limited out of which H Limited
discounted bills of `4,000 and endorsed `2,000.
(vi) Creditors of S Limited includes `15,000 in respect of goods purchased from HLimited.
(vii) H Limited sold goods of `15,000 at a profit of 20 % on cost. At the year end, 80 % of goods were unsold
with S Limited.
Prepare consolidated balance – sheet as on 31.3.2017.
Question: 34 [Adopted - ACCA]
P Co regularly sells goods to its one subsidiary company, S Co, which it has owned since S Co's
incorporation. The statement of financial position of the two companies on 31 December 20X6 are given
below.
STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 20X6
P Co. S Co.
I. Assets
Property, plant and equipment 35,000 45,000
Investment in 40,000 shares of `1 each in S at cost 40,000 -
Current assets:
Inventories 16,000 12,000
Receivables: S Co. 2,000 -
Other receivables 6,000 9,000
Cash at bank 1,000 -
1,00,000 66,000
Share capital of `1 each 70,000 40,000
Bank overdraft - 3,000
Payables: P Co. 2,000
Other payables 14,000 2,000
1,00,000 66,000
Required
Prepare the consolidated statement of financial position of P Co at 31 December 20X6.

ADHISH SIR 17
The statements of financial position of P Co and of its subsidiary S Co have been made up to 30 June. P
Co has owned all the ordinary shares and 40% of the loan stock of S Co since its incorporation.
STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE
P Co S Co.
I. Assets
PPE 1,20,000 1,00,000
Investment in S Co at cost: 80,000 Equity shares @ ` 1 80,000
20,000 of 12 % loan stock in S Co. 20,000
Current assets:
Receivables 40,000 30,000
Current account with S 18,000
Cash 4,000 6,000
Total 3,32,000 1,96,000
Equity share capital of ` 1 each 1,00,000 80,000
Non – current liabilities:
10 % Loan stock 75,000
12 % Loan stock 50,000
Payables 47,000 16,000
Taxation 15,000 10,000
Current account with P Co. 12,000
3,32,000 1,96,000
The difference on current account arises because of goods in transit.
Required:
Prepare the consolidated statement of financial position of P Co.
Statement of Financial position on 31.3 .2015
Teddy Limited Bear Limited
I. Assets:
PPE 12,50,000 4,50,000
Investment in Bear Limited 4,50,000 -
Current assets:
Inventory 1,25,000 25,000
Receivables 1,30,000 90,000

ADHISH SIR 18
Cash 89,000 1,00,000
20,44,000 6,65,000
Equity share capital (`1 each ) 5,00,000 1,00,000
Securities premium 25,000 50,000
Retained earnings 10,96,000 3,66,000
Non – Current liabilities:
Loan 3,20,000 50,000
Trade payables 78,000 89,000
Tax 25,000 10,000
20,44,000 6,65,000
The Following information is also available:
(a) Teddy Limited acquired 75,000 shares of Bear Limited on 1st
April, 2013 and at that date the retained
earnings of Bear Limited was ` 2,50,000.
(b) At acquisition, the fair value of Bear’s Limited PPE was 95,000 above book value. This has not been
reflected in the financial statement. The additional depreciation on this would be 3,000 per year.
(c) Teddy Limited is accounting for NCI by valuing it at fair value. The fair value of goodwill attributable to
NCI is `18,250.
(d) Included with in the receivables of Teddy Limited is 45,000 that is owed by Bear Limited.
(e) At the year end the directors decide that the goodwill relating to Bear Limited needs to be impaired by
35,000.
Alpha Company purchased 14,50,000 shares in Beta Co. in 20X0 when the reserves stood at `4,00,000 and
there was no retained earnings. The statement of financial position of the two companies as at 31.12.20X4 are
as under:
Alpha (‘000) Beta (‘000)
I. Assets
PPE 8,868 1,787
Investment in Beta Limited at cost 1,450 -
Current assets:
Cash 25 16
13,788 4,535
Equity share capital (`0.50 each) 5,500 1,000
General reserve 1,200 800
Non – Current liabilities:
10 % borrowings 4,000 -
15 % Borrowings - 500

ADHISH SIR 19
Bank overdraft 1,176 840
Trade payables 887 1,077
Taxation 540 218
13,788 4,535
(i) At the end of reporting period the current account of Alpha with Beta was agreed at `23,000 owed by Beta.
This account is included in receivables and payables.
(ii) It is the group policy to value the NCI at its proportionate share of fair value of subsidiary’s net assets.
Required: Prepare Consolidated Balance – sheet.
You are provided with the following statements of financial position of S and M
S (` ‘000) M (` ‘000)
I. Assets
Non current assets:
Plant 325 70
Fixtures 200 50
Investment in shares of M Limited at cost 200 -
Current assets:
Inventory 220 70
Receivables 145 105
Bank 100 -
1,190 295
Equity share capital (` 1) 700 170
Payables 275 55
Bank overdraft - 20
1,190 295
The following information is also available:
(i) S Purchased 70 % of the issued share capital of M, four years ago, when the retained earnings of M were
`20,000.
(ii) For the purpose of the acquisition Plant of M with a book value of `50,000 was revalued to its fair value of
`60,000. The revaluation was not recorded in the accounts of M. Depreciation is charged at 20 % using SLM.
(iii) S sell goods to M at a mark – up of 25 %. At the year end, the inventories of M include `45,000 of goods
purchased from S.
(iv) M owes S ` 35,000 for goods purchased and S owes M ` 15,000.
(v) It is the group policy to value NCI at fair value.
(vi) The market price of the shares of M before acquisition was `1.50.
Prepare Consolidated Balance – sheet of S.
Question: 39 [ACCA - Adopted]
P Co has owned 75% of the share capital of S Co since the date of S Co's incorporation. Their latest statements
of financial position are given below.
Statement of financial position
P Co. S Co.
I. Assets:
Property, plant and equipment 50,000 35,000
30,000 ` 1 ordinary shares in S Co. at cost 30,000 -

ADHISH SIR 20
1,25,000 70,000
`1 Equity shares 80,000 40,000
1,25,000 70,000
Required
Prepare the consolidated statement of financial position.
Sing Co acquired the ordinary shares of Wing Co on 31 March when the draft statements of financial position
of each company were as follows.
SING CO
STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH
I. Assets:
Investment in 50,000 shares of Wing Co. at cost 80,000
Current assets 40,000
1,20,000
II: Equity and Liabilities:
Equity share capital (`1 each) 75,000
1,20,000
WING CO
STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH
Current assets 60,000
60,000
Equity share capital (` 1 each) 50,000
60,000
Prepare the consolidated statement of financial position as at 31 March.
The draft statements of financial position of Ping Co and Pong Co on 30 June 20X8 were as follows.
STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 20X8
Ping Co. Pong Co.
I. Assets:
PPE 50,000 40,000
20,000 equity shares in Pong Co. at cost 30,000 -
Current assets:
Inventory 3,000 8,000
Owed by Ping Co. - 10,000
Cash 2,000 -
1,01,000 65,000

ADHISH SIR 21
Equity share capital (` 1 each) 45,000 25,000
Revaluation surplus 12,000 5,000
Owed to Pong Co. 8,000 -
Trade payables 10,000 7,000
1,01,000 65,000
Ping Co acquired its investment in Pong Co on 1 July 20X7 when the retained earnings of Pong Co stood
at `6,000. The agreed consideration was `30,000 cash and a further `10,000 on 1 July 20X9. Ping Co's
cost of capital is 7%. Pong Co has an internally-developed brand name – 'Pongo' – which was valued at
`5,000 at the date of acquisition. There have been no changes in the share capital or revaluation surplus of
Pong Co since that date. At 30 June 20X4 Pong Co had invoiced Ping Co for goods to the value of `2,000
which had not been received by Ping Co.
There is no impairment of goodwill. It is group policy to value non-controlling interest at full fair value. At
the acquisition date the non-controlling interest was valued at `9,000.
Prepare the consolidated statement of financial position of Ping Co as at 30 June 20X8.
P Co acquired 80% of the shares in S Co one year ago when the reserves of S Co stood at $10,000.
Draft statements of financial position for each company are as follows.
P Co. S Co.
I. Assets:
PPE 80,000 40,000
Investment in S Co. 46,000 -
1,66,000 70,000
Equity shares of `1 each 1,00,000 30,000
Current Liabilities 21,000 18,000
1,66,000 70,000
During the year S Co sold goods to P Co for `50,000, the profit to S Co being 20% of selling price. At the
end of the reporting period, `15,000 of these goods remained unsold in the inventories of P Co. At the
same date, P Co owed S Co `12,000 for goods bought and this debt is included in the trade payables of P Co
and the receivables of S Co. Non-controlling interest is valued at full fair value. It was valued at
`9,000 at the date of acquisition.
Required:
Prepare a draft consolidated statement of financial position for P Co.
P Co has owned 75% of the shares of S Co since the incorporation of that company. During the year to 31
December 20X2, S Co sold goods costing `16,000 to P Co at a price of `20,000 and these goods were
still unsold by P Co at the end of the year. Draft statements of financial position of each company at 31
December 20X2 were as follows.
P Co. S Co.
I. Assets
Non – Current assets
PPE 1,25,000 1,20,000
Investment: 75,000 shares in S Co. at cost 75,000 -

ADHISH SIR 22
Current assets:
2,70,000 1,84,000
Equity share capital (` 1 each) 80,000 1,00,000
Retained earnings 1,50,000 60,000
2,70,000 1,84,000
Required:
Prepare the consolidated statement of financial position of P Co at 31 December 20X2. The fair value of the
non-controlling interest at acquisition was `25,000.
Hinge Co acquired 80% of the ordinary shares of Singe Co on 1 April 20X5. On 31 December 20X4 Singe
Co's accounts showed a share premium account of `4,000 and retained earnings of `15,000. The
statements of financial position of the two companies at 31 December 20X5 are set out below. Neither
company has paid any dividends during the year. Non-controlling interest should be valued at full fair
value. The market price of the subsidiary's shares was `2.50 prior to acquisition by the parent.
You are required to prepare the consolidated statement of financial position of Hinge Co at 31 December
20X5. There has been no impairment of goodwill.
STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 20X5
HINGE CO. SINGE CO.
I. Assets:
PPE 32,000 30,000
16,000 equity shares of ` 0.50 each 50,000 -
1,67,000 73,000
Equity shares of `1 each 1,00,000
Equity shares of ` 0.50 each 10,000
Securities premium account 7,000 4,000
1,67,000 73,000
P Co acquired 75% of the ordinary shares of S Co on 1 September 20X5. At that date the fair value of S
Co's non-current assets was `23,000 greater than their net book value, and the balance of retained
earnings was `21,000. The statements of financial position of both companies at 31 August 20X6 are
given below. S Co has not incorporated any revaluation in its books of account. Non-controlling interest is
valued at full fair value which was deemed to be `18,000 at the acquisition date.
STATEMENT OF FINANCIAL POSITION AS AT 31 AUGUST 20X6
P Co. S Co.
I. Assets:
PPE 63,000 28,000
Investment in S at cost 51,000 -

ADHISH SIR 23
1,96,000 71,000
Equity shares of ` 1 80,000 20,000
1,96,000 71,000
If S Co had revalued its non-current assets at 1 September 20X5, an addition of `3,000 would have been made
to the depreciation charged for 20X5/X6.
Required
Prepare P Co's consolidated statement of financial position as at 31 August 20X6.
Question: 46 [Work book of CMA]
Following are the abstracts of balance sheets of two companies A and B when A acquired control of B.
Amounts are in ` crores.
A acquired 80% shares of B at 720, paid by shares issued at par. Fair Value of PPE is 640 and Current
Assets
580.
• Pass journal entries in the books of A (a. for consolidated accounts and b. for separate financial
statements) and B for the business combination.
• Prepare Separate Balance Sheet and Consolidated Balance Sheet after business combination.
Following are the abstracts of balance sheets of two companies A and B when A acquired control of B.
Amounts are in ` crores.
A acquired 80% shares of B at 640, paid by shares of ` 10 issued at ` 25. 12% Debentures of A were
issued in exchange of Debentures of B. Fair Value of PPE is 640 and Current Assets 580 (of B).

ADHISH SIR 24
• Pass journal entries in the books of A (for consolidated accounts) and B for the business combination.
NCI is recognized at proportionate to net assets.
• Prepare Consolidated Balance Sheet after business combination.
X holds 20% shares of B on 1-2-20X1 at a cost of `80000. On 01-04-20X1 X further acquires 60% shares of B
at a consideration of 560000 in cash and by issue of 10000 shares of ` 10 (market price). Non-Controlling
Interest is recognized at ` 120000. The fair value of shares previously held in B amounts to ` 120000. The fair
values of assets and liabilities of B are stated below:
The abstracts of separate balance sheet of A and individual balance sheet of B on 31-03-20X1 are given below:
Pass journal entries in the books of A for business combination and show the consolidated balance sheet.
X Ltd. acquires 20% shares of B Ltd. on 01-04-20X1. X Ltd. further acquires on 01-04-20x2 60% shares of B
Ltd. at a consideration of `3,60,000 in cash and by issue of 10000 shares of ` 10 (market price `15). Debentures
of B Ltd. are exchanged for 12% Debenture of X Ltd. A contingent consideration is also payable, fair value of
which at the date of acquisition is estimated at `60,000. A pays transaction cost ` 20000. Non-Controlling
Interest is recognized at `1,20,000. The fair value of shares previously held in B Ltd. amounts to `1,10,000.
The fair values of assets and liabilities of B Ltd. are stated below:
The abstracts of consolidated balance sheet of A and individual balance sheet of B on 31-03-20X2 are given
below:

ADHISH SIR 25
Pass journal entries in the books of X Ltd. for business combination and show the Separate and Consolidated
balance sheet as at 1-04-20X2.
P Ltd. shares are quoted at ` 20 and Q Ltd. shares are quoted at ` 60. P Ltd. issues shares for acquiring all the
shares of Q Ltd. in the exchange ratio based on the quoted price. The statement of financial position
immediately before business combination:
Fair value of assets and liabilities at the acquisition date:

ADHISH SIR 26
Pass journal entries for business combination and show consolidated balance sheet of the group.
The financial data of the companies P and S at 31-3-2017 and at 31-3-2018 are stated below.
Prepare Consolidated Balance Sheet.
Company Sky Ltd. (a listed company) acquires 60% shares in company Cloud Ltd. on 1-4-17 at a cost of
(`Lakhs) 150000, paid by issue of shares of ` 10 (market price ` 25). The abstract of balance sheets of Cloud
(along with fair values at the acquisition date) and Sky at the end of the year 2016-17 and 2017-18 are as
follows:

ADHISH SIR 27
(a) Pass journal entries in consolidated accounts of P and show consolidated balance sheet on 1-4-17
based on Ind AS 103 and Ind AS 110 and separate balance sheet of P on 01-04-17 based on Ind AS 27.
(b) Prepare consolidated balance sheet of P on 31-3-18 based on Ind AS 110.
X Ltd. acquires 80% of equity of Y Ltd. on 31-03-20x5 at cost of (` Lakhs) 110, when the Equity Share Capital
and Other Equity of Y Ltd. were 40 and 80 respectively. For the years ending on 31-03-20x6 and 31-03-20x7,
Y Ltd accounted Total Comprehensive income of (15) and 25. Recognise NCI at Proportionate Net Asset
Mesure. X Ltd’s share in post-acquisition profits of Y Ltd. and Goodwill to be shown in CFS of X Ltd. at the
end of the years. The revaluation profit/loss for the difference between fair value and carrying amount of assets
and liabilities of Y Ltd. at acquisition date and the abstracts of separate balance sheet of X Ltd. and
individual balance sheet of Y Ltd. as at 31-03-20x8 are as follows:
Prepare the consolidated balance sheet at 31-03-20X8.

ADHISH SIR 28
P acquires 60% shares in Q on 1- 10 - 2017 at 30000. Q makes profits 20000 in the year 20X7-X8 and
declared dividend 9000. NCI is valued at proportionate net assets. Abstracts of Separate Balance Sheet of P
(Dividend from subsidiary not accounted) and Individual Balance Sheet of Q as at 31-03-20X8:
Show Consolidated Balance Sheet and Separate Balance Sheet of P.
On 1-4-x6 BB Ltd. acquired 90% share of CM Ltd. at 1080000, when the fair value of its net assets was
1000000. During 1-4-x6 to 31-3-x7 CM Ltd made TCI 200000. On that date BM sold 15% holding to outsiders
at 220000. Pass journal entries for sale of partial holding retaining control.
Question: 56 [CA – STUDY MATERIAL]
A Ltd. acquired 70% of equity shares of B Ltd. on 1.04.20X1 at cost of ` 10,00,000 when B Ltd. had an equity
share capital of ` 10,00,000 and other equity of ` 80,000. In the four consecutive years B Ltd. fared badly and
suffered losses of ` 2,50,000, ` 4,00,000, ` 5,00,000 and ` 1,20,000 respectively. Thereafter in 20X5 - 20X6, B
Ltd. experienced turnaround and registered an annual profit of ` 50,000. In the next two years i.e. 20X6-20X7
and 20X7-20X8, B Ltd. recorded annual profits of ` 1,00,000 and ` 1,50,000 respectively. Show the non-
controlling interests and goodwill at the end of each year for the purpose of consolidation.
Assume that the assets are at fair value.
Question: 57 [CA – STUDY MATERIAL]
On 31 March 20X2, Blue Heavens Ltd. acquired 100% ordinary shares carrying voting rights of Orange
County Ltd. for Rs. 6,000 lakh in cash and it controlled Orange County Ltd. From that date. The acquisition-
date statements of financial position of Blue Heavens Ltd. And Orange County Ltd. and the fair values of the
assets and liabilities recognised on Orange County Ltd. statement of financial position were:

ADHISH SIR 29
Prepare the Consolidated Balance Sheet as on March 31, 20X2 of group of entities Blue Heavens Ltd. and
Orange County Ltd.
Question: 58 [CA – Study material]
The facts are the same as in Question 57 above. However, Blue Heavens Ltd. acquires only 75% of the
ordinary shares, to which voting rights are attached of Orange County Ltd. Blue Heavens Ltd. pays Rs. 4,500
lakhs for the shares. Prepare the Consolidated Balance Sheet as on March 31, 20X2 of group of entities Blue
Heavens Ltd. and Orange County Ltd.
Question 59
ABC acquired 75% of the equity interest in XYZ at 1 January 2017 for Rs. 50 million. The Statement of
Financial Position as at 1 January 2017 were as follows:
ABC (`000) XYZ (`000)
I. Assets
PPE 30,000 35,000
Investment in XYZ 50,000 -
Total 1,25,000 70,000

ADHISH SIR 30
Total 1,25,000 70,000
Additional information.
(1) At the date of acquisition all the assets and liabilities of XYZ PLC were reflected at fair value except land
which had a fair value of Rs.5,000,000 in excess of its carrying amount.
(2) ABC Group measures the NCI at its proportionate share of the acquiree’s net identifiable assets.
Required:
Prepare the Consolidated Statement of Financial Position as at 1 January 2017.
Question: 60
Assume all the information in the above question 59 is same except NCI is measured at its fair value as at
1 January 2017. The market value per share as at 1 January 2017, was Rs.1.50.
Required:
Prepare the Consolidated Statement of Financial Position as at 1 January 2017.
Question: 61 [IFRS – Diploma - Adopted]
ABC acquired 75% of the equity interest in XYZ at 1 January 2017 for Rs. 50 million. The Statement of
Financial Position as at 31 March 2018 were as follows:
ABC (`000) XYZ (`000)
I. Assets
PPE 35,000 25,000
Investment in XYZ 50,000
Current assets:
Inventory 10,000 5,000
Cash 10,000 10,000
Total 1,35,000 60,000
Equity share capital of ` 1 80,000 40,000
Total 1,35,000 60,000
Additional information.
(1) At the date of acquisition all the assets and liabilities of XYZ PLC were reflected at fair value except land
which had a fair value of Rs.5,000,000 in excess of its carrying amount.
(2) The retained earnings at the date of acquisition was Rs. 10,000,000
(3) ABC Group measures the NCI at its proportionate share of the acquiree’s net identifiable assets.
(4) During the year ended 31 March 2018, XYZ Purchased Rs.1,000,000 worth of goods from ABC. Out of
these goods half (1/2) of them remained unsold in the premises of company XYZ. The sales policy of ABC is
to add 25% of mark up to its cost.
(5) During the year ended 31 March 2018, ABC Purchased Rs.1,500,000 worth of goods fromXYZ.Out of
these goods one third (1/3) of them remained unsold in the premises of company ABC. The sales policy of
XYZ is to keep 25% margin from sales price.
(6) On 1 April 2017, XYZ sold a motor vehicle to ABC for Rs.600,000, the carrying amount of the motor
vehicle at the date of sale stood at Rs.400,000. The remaining useful life of motor vehicle at the date of sale
was 4 years.
(7) As at 31 March 2018, the intra group receivables stood at Rs.1,000,000 and group payables stood at

ADHISH SIR 31
Rs.800,000. The difference was due to the cash in transit.
(8) As at 31 March 2018, goodwill had been impaired by Rs.750,000.
Required:
Prepare the Consolidated Statement of Financial Position as at 31 March 2018.
Question: 62 [CA – Study Material]
P Pvt. Ltd. has a number of wholly-owned subsidiaries including S Pvt. Ltd. at 31st March 20X2. P Pvt. Ltd.
consolidated statement of financial position and the group carrying amount of S Pvt. Ltd. assets and liabilities
(ie the amount included in that consolidated statement of financial position in respect of S Pvt. Ltd. assets and
liabilities) at 31st March 20X2 are as follows:
Prepare consolidated Balance Sheet after disposal as on 31st March, 20X2 when P Pvt. Ltd group sold 100%
shares of S Pvt. Ltd. to independent party for Rs. 3,000 millions.
Question: 63
Reliance Ltd. has a number of wholly-owned subsidiaries including Reliance Jio Infocomm Ltd. at 31st March
20X2.
Reliance Ltd. consolidated statement of financial position and the group carrying amount of Reliance Jio
Infocomm Ltd. assets and liabilities (ie the amount included in that consolidated statement of financial position
in respect of Reliance Jio Infocomm Ltd. assets and liabilities) at 31st March 20X2 are as follows:

ADHISH SIR 32
Prepare consolidated Balance Sheet after disposal as on 31st March, 20X2 when Reliance Ltd. group sold 90%
shares of Reliance Jio Infocomm Ltd. to independent party for Rs. 1000 thousand.

ADHISH SIR 33
Question: 64 [CA – May, 2018]
Hold Limited acquired 100% ordinary shares of Rs. 100 each of Sub Limited on 1st October, 2017. On 31st
March, 2018 the summarized Balance Sheets of the two companies were as given below:
The retained earnings of Sub Limited showed a credit balance of Rs. 6,00,000 on 1st April, 2017 out of which
a dividend of 10% was paid on 1st November 2017. Hold Limited has credited the dividend received to
retained earnings account. There was no fresh addition to other reserves in case of both companies during the
current financial year. There was no opening balance in the retained earnings in the books of Hold Limited.
Following are the changes in fair value as per respective Ind AS from the book value as on 1st October, 2017
in the books of Sub Limited which is to be considered while consolidating the Balance Sheets.
(i) Fair value of Plant and Machinery was Rs. 40,00,000. (Rate of depreciation on Plant and Machinery is 10%
p.a.)
(ii) Land and Building appreciated by Rs. 20,00,000.
(iii) Inventories increased by Rs. 3,00,000. (i) Fair value of Plant and Machinery was Rs. 40,00,000. (Rate of
depreciation on Plant and Machinery is 10% p.a.)
(ii) Land and Building appreciated by Rs. 20,00,000.
(iii) Inventories increased by Rs. 3,00,000.
(iv) Trade payable increased by Rs. 2,00,000.
Prepare Consolidated Balance Sheet as on 31st March, 2018. The Balance Sheet should
comply with the relevant lnd AS and Schedule III of the Companies Act, 2013.

ADHISH SIR 34
Question: 65 [CA – May, 2019]
Summarised Balance Sheets of PN Ltd. and SR Ltd. as on 31st March, 2018 were given as below: (Amount is
Rs.)
(i) PN Ltd. acquired 70% equity shares of Rs. 100 each of SR Ltd. on 1st October, 2017.
(ii) The Retained Earnings of SR Ltd. showed a credit balance of Rs. 93,600 on 1st April, 2017 out of which a
dividend of 12% was paid on 15th December, 2017.
(iii) PN Ltd. has credited the dividend received to its Retained Earnings.
(iv) Fair value of Plant & Machinery of SR Ltd. as on 1st October, 2017 was Rs. 6,24,000. The rate of
depreciation on Plant & Machinery was 10% p.a.
(v) Following are the increases on comparison of Fair Value as per respective Ind AS with book value as on
1st October, 2017 of SR Ltd. which are to be considered while consolidating the Balance Sheets:
(a) Land & Buildings Rs. 3,12,000
(b) Inventories Rs. 46,800
(c) Trade Payables Rs. 31,200.
(vi) The inventory is still unsold on Balance Sheet date and the Trade Payables are not yet settled.
(vii) Other Reserves as on 31st March, 2018 are the same as was on 1st April, 2017.
(viii) The business activities of both the company are not seasonal in nature and therefore, it can be assumed
that profits are earned evenly throughout the year.
Prepare the Consolidated Balance Sheet as on 31st March, 2018 of the group of entities PN Ltd. and SR Ltd. as
per Ind AS.

ADHISH SIR 35
Question: 66
In 20X1, Entity A acquired 100 % equity interest in entity B for cash consideration of `1,25,000. Fair value of
Identifiable net asset of B were ` 1,00,000. In the subsequent years, Entity B earns ` 20,000. Entity A then
disposed off 30 % of its equity interest for `40,000. Pass journal entry for sale of partial holding.
Question: 67
The summarized balance sheets of Kush Ltd. and Shuk Ltd. as at 31st
March, 2010 are as follows:
(` In lakhs)
Liabilities Kush
Ltd.
Shuk
Ltd.
Assets Kush Ltd. Shuk
Ltd.
Equity share capital of
Rs. 10 each
216 108 Plant 86.4 72.9
Securities premium 32.4 - Furniture 23.4 7.2
Capital reserve as on
1.4.09
- 7.2 Stock 18 13.5
General reserve as on
1.4.09
13.5 9 Debtors 73.8 47.6
Profit and loss account 70.2 21.6 Trade investment 2.7
Creditors 29.7 19.7 Goodwill at cost 45 13.6
Investment in Shuk Ltd. –
8.64 lakhs shares at cost
97.2
Balance at bank 18 8
361.8 165.5 361.8 165.5
(i) On 1st
April, 2009 Kush Ltd. acquired from the shareholders of Shuk Ltd. 8.64 lakhs shares of `10 each in
Shuk Ltd. and allotted in consideration thereof 6.48 lakhs of its own shares of Rs.10 each at a premium of `5
per share.
(ii) The consideration for the shares of Shuk Ltd. was arrived at inter – alia by valuing certain assets of Shuk
Ltd. on 1st
April, 2009 as under –
(a) Plant at ` 90 lakhs
(b) Furniture at `8 lakhs.
(c) No value on trade investment and goodwill.
No adjustments were made in the books of accounts of Shuk Ltd. in respect of the above valuation. During
2009 – 10 there was no purchase or sale of these assets. It is desired that such adjustments should however be
made in the consolidated accounts.
(iii) The figures for plant and furniture at 31.3.2010 shown in the balance sheet are after providing
depreciation for 2009 – 2010 at the rate of 10 % p.a. and 20 % p.a. respectively, on the book values as at
1.4.09.
(iv) The profit and loss account of Shuk Ltd. showed a credit balance of `27 lakhs on 1.4.09. A dividend of 10
% was paid in January, 2010 for the year 2008 – 09. This dividend was credited to profit and loss account of
Kush Ltd.
(v) The following point was not considered in making out the accounts:
During the year, expenses of `4,500 per month were incurred by Kush Ltd. on behalf of Shuk Ltd. It was by
mistake debited to profit and loss account of Kush Ltd. and nothing has been done in the accounts of Shuk Ltd.
(vi) The stock of Shuk Ltd. included `4.5 lakhs of goods received from Kush Ltd. invoiced at cost plus 25 %.

ADHISH SIR 36
(vii) Debtors of Shuk Ltd. include `3.5 lakhs due from Kush Ltd. whereas creditors of Kush Ltd. include `3.1
lakhs due to Shuk Ltd. the difference being represented by a cheque in transit.
(viii) Group company decided to measure NCI at proportionate net asset method.
You are required to consolidate the account of the two companies and prepare a consolidated balance sheet of
Kush Ltd. and its subsidiary as at 31st
March, 2010.
Question: 68 [CMA – Dec. 2019]
War Ltd. purchased on 31st
March, 1997, 48,000 shares in Peace Ltd. at 50 % premium over face value by
issue of 8 % debentures at 20 % premium. The balance sheets of War and Peace Ltd. as on 31.3.1997, the date
of purchase were as under:
Liabilities War Ltd. Peace
Ltd.
Assets War Ltd. Peace Ltd.
Share capital (Rs. 10) 10,50,000 6,00,000 Fixed assets 6,50,000 2,00,000
General reserve 1,20,000 40,000 Stock in trade 3,00,000 1,80,000
Profit and loss account 80,000 - Sundry debtors 3,20,000 2,00,000
Sundry creditors 1,00,000 60,000 Cash in hand 60,000 30,000
Profit and loss account - 80,000
13,50,000 7,00,000 13,50,000 7,00,000
Particulars of War Ltd.:
(i) Profit made:
1997 – 98 Rs. 1,60,000
1998 – 99 Rs. 2,00,000
(ii) The above profit was made after charging depreciation of Rs. 60,000 and Rs. 40,000 respectively.
(iii) Out of profit shown above every year Rs. 20,000 had been transferred to general reserve.
(iv) 10 % dividend had been paid in both the years.
(v) It has been decided to write down investment to face value of shares in 10 years and to provide for shares
of loss to subsidiary.
Particulars of Peace Ltd:
The company incurred losses of Rs. 40,000 and Rs. 60,000 in 1997 - 98 and 1998 – 99 after charging
depreciation of 10 %p.a. of the book value as on 1.4.97. Prepare consolidated balance sheet as at 31.3.99 of
War Ltd. and its subsidiary.
Question: 69
The Balance Sheet of Big Ltd., Small Ltd. and Little Ltd. as at 1st March, 2013 are given below:
Particulars Big Limited Small Limited Little Limited
I. Assets:
Plant and machinery 80,000 1,10,000 1,15,000
Non – current investment:
Equity shares in Small 90,000
Equity shares in Little 40,000 60,000
Current assets:
Inventories 60,000 35,000 35,000
Trade receivables 35,000 20,000 15,000
Small Limited 18,000 - -
Little Limited 7,000
Cash and cash equivalent 15,000 10,000 10,000
Total 3,45,000 2,35,000 1,75,000

ADHISH SIR 37
Equity share capital of 10 each 2,00,000 1,00,000 60,000
Other equity:
General reserve 60,000 50,000 40,000
Profit and loss account 50,000 40,000 30,000
Trade payables 35,000 30,000 40,000
Big Limited 15,000 5,000
Total 3,45,000 2,35,000 1,75,000
(i) Big Ltd. held 8000 shares of Small Ltd. and 1800 shares of Little Ltd.
(ii) Small Ltd. held 3600 shares of Little Ltd.
(iii) All investments were made on July 2012
(iv) The following balances were there on July 2012:
Small Limited Little Limited
Reserves 25,000 15,000
Profit and Loss account 30,000 25,000
(v) Small Ltd. invoiced goods to Big Ltd. at cost + 25% in December 2012. The closing stock of Big Ltd.
includes goods with invoice value `6,000.
(vi) Little Ltd. sold to Small Ltd. an equipment costing 24,000 at a profit of 25% on selling price on January
2013. Depreciation at 10% p.a. was provided by Small Ltd. on this equipment.
(vii) Big Ltd. proposes dividend at 10%.
Prepare the Consolidated Balance Sheet of the group as at 31 March 2013.
Question: 70 [CMA – Study material - 13]
P acquires 60% shares in Q on 1- 10 - 2017. Q makes profits 10000 in the year 2017-18 and declared dividend
6000. NCI is valued at 12000 at acquisition. (` lakhs)
Show consolidated and Separate Balance sheet in books of P.
Question 71 [CMA – Study material -14]
On 1-4-x6 BM Ltd. acquired 80% share of CM Ltd. at 1000000, when the fair value of its net assets was
1000000. During 1-4-x6 to 31-3-x7 CM Ltd made TCI 120000. On that date BM sold 20% holding to outsiders
at 280000. Pass journal entries for sale of partial holding retaining control.

ADHISH SIR 38
ADHISH SIR CLASSES
EXCLUSIVE QUESTION BANK
FOR IND AS -103 FOR CMA FINAL
STUDENTS

ADHISH SIR 39
CMA FINAL – IND AS- 103 “BUSINESS COMBINATION”
QUESTION BANK
PART – 1 – ACCOUNTING FOR BUSINESS COMBINATION WHERE TARGET COMPANY DOES
NOT CEASE TO EXIST
Question: 1
A Ltd. acquires 100% of B Ltd. for `9,60,000. Fair Value (FV) of B’s net assets at time of acquisition amounts
` 8,00,000.
Required:
1. Calculate Goodwill.
2. Journal Entries in the books of A.
Question: 2
On March 31, 201X, K Ltd. acquired L Ltd. K Ltd. issued 60,000 equity shares (`10 par value) that were
trading at `240 on March 31. The book value of L Ltd.’s net assets was `72,00,000 on March 31. The fair value
of net assets was assessed at `1,35,00,000.
Show acquisition journal entry under Ind AS 103.
Question: 3
A Ltd. acquires 80% of B Ltd. for `9,60,000 paid by equity at par. Fair Value (FV) of B’s net assets at time of
acquisition amounts ` 8,00,000.
Required:
1. Calculate Non-Controlling-Interest (NCI) and Goodwill.
2. Journal Entries in the books of A.
Question: 4
Z Ltd. acquired a 60% interest in P Ltd. on January 1, 2017. Z Ltd. paid `700 Lakhs in cash for their interest in
P Ltd. The fair value of P Ltd.’s assets is `1,800 Lakhs, and the fair value of its liabilities is `900 Lakhs.
Provide the journal entry for the acquisition using Ind AS, assuming that P Ltd. does not wish to report the
NCI at fair value.
Question: 5
On 1 January 20X5 M Ltd. acquires 80 per cent of the equity interests of P Ltd in exchange of cash of `250.
The identifiable assets are measured at `350 and the liabilities assumed are measured at `50. The fair value of
the 20 per cent non controlling interest in P is `43.
Question: 6

ADHISH SIR 40
D has acquired 100% of the equity of F on March 31, 20X7. The purchase consideration comprises of an
immediate payment of `10 lakhs and two further payments of `1.21 lakhs if the Return on Equity exceeds 20%
in each of the subsequent two financial years. A discount rate of 10% is used. Compute the value of total
consideration at the acquisition date.
Question: 7
C Ltd acquires 60% share in D Ltd. for cash payment of `200,000. The fair value of non-controlling interest is
`1,00,000. This amount was determined with reference of market price of D’s ordinary shares before the
acquisition date. Calculate NCI and goodwill following:
i. Fair Value approach
ii. Proportionate shares of identified net asset in acquiree approach when on the acquisition date, the aggregate
value of D’s identifiable net assets is:
(a) `2,40,000;
(b) `3,30,000.
Question: 8
Z Company acquired C Company on April 1, 201X. For a lawsuit contingency C has a present obligation as on
April 1, 201X and the fair value of the obligation can be reliably measured as `50,000. As of the acquisition
date it is not believed that an out flow of cash or other assets will be required to settle this matter. What amount
should be recorded by Z Company under Ind AS for this contingent liability of C Company?
Question: 9
Entity A acquired 35 % of Entity B in 2015 for `35,000. In 2016, fair value of shares of entity B is `42,000,
thus `7,000 reported under OCI In 2016, A further acquired 40% stake in B. Consideration paid `60,000. Entity
A identifies the net assets of B as `120,000, value 35% shares at `45,000. NCI is valued at proportionate net
assets. Show workings and Journal entries.
Question: 10
Acquirer obtained 75 % of the equity interests of acquiree in a forced sale. Acquires has no prior equity
interest in acquire. Acquirer determined that the following are appropriate fair value measures to be used in
accounting for this combination:
Consideration (`3,00,000 of cash and `2,50,000 of other assets) transferred by
acquirer
`5,50,000
Acquiree’s identifiable assets acquired `10,00,000
Acquiree’s liabilities assumed `2,00,000
Non – controlling interest in acquire `2,10,000
Required:
(i) Calculate goodwill / Bargain purchase.
(ii) Record journal entry.
Question: 11
Following is the Balance – sheet for Yati Limited at 1st
January, 2018 is as follows:
Current assets 9,20,000 Liabilities 12,00,000
Non – current assets 18,00,000 Capital (`10 each) 8,00,000

ADHISH SIR 41
Retained earnings 7,20,000
27,20,000 27,20,000
Yati’s assets and liabilities are fairly valued except non – current assets that are undervalued by 2,00,000. On
January, 2, 2018, Dishita Limited issues 80,000 shares of its `10 per value for all of the Yati Limited’s net
assets and Yati Limited is dissolved. Market quotations for the two stocks on this date are:
Yati Limited = `19
Dishita Limited = `28
Dishita Limited pays the following fees and costs in connection with the combination:
Finder’s fees `10,000
Cost of registering and issuing stock `5,000
Legal and accounting fees `6,000
Required:
(a) Calculate Dishita Limited’s cost of investment in Yati Limited.
(b) Calculate any goodwill from the business combination.
Question: 12
Dishita Limited purchased the net assets of Yati Limited on January 2, 2005 for `2,80,000 and also paid
`10,000 as direct acquisition costs. Balance – sheet of Yati Limited as on 2nd
January was as follows:
Accounts receivables – Net 90,000 Current Liabilities 35,000
Inventory 1,80,000 Long term debts 80,000
Land 20,000 Common stock 2,25,000
Building – Net 30,000 Retained earnings 20,000
Equipment – Net 40,000
3,60,000 3,60,000
Fair values agree with book values except for inventory, land and equipment, that have fair values of
`2,00,000; `2,50,000 and `35,000 respectively. Yati Limited has patent rights valued at `10,000.
Required:
Pass journal entry for the cash purchases of Yati Limited’s net assets.
Question: 13
MAJ Corporation acquired 90% of the common stock of Min Co. for `420,000. MAJ previously held no equity
interest in Min. On the date of acquisition, the carrying amount of Min’s identifiable net assets equal to
`300,000. The acquisition-date fair values of Min’s inventory and equipment exceeded their carrying amounts
by `60,000 and `40,000, respectively. The carrying amounts of the other assets and liabilities were equal to
their acquisitiondate fair values. What amount should MAJ recognize as goodwill immediately after the
acquisition?
Question: 14
On 1 January 2009 A Ltd acquired all the assets and liabilities of B Ltd. Details of the consideration
transferred are as follows:
• Cash of $400,000, half to be paid on 1 January 2009, with the balance due on 1 January 2010. The
incremental borrowing rate for A Ltd is 10%
• 100,000 shares in A Ltd were issued. The share price on 1 January 2009 was $1.50 per share. This price
represented a six-month high. Costs of issuing the shares was $1,000.

ADHISH SIR 42
• Due to doubts as to whether the share price would remain at or above the $1.50 level, A Ltd agreed to supply
cash to the value of any decrease in the share price below $1.50. This guarantee was valid for a period of 3
months (to 31 March 2009). A Ltd believed that there was a 75% chance that the share price would remain at
or above $1.50 until 31 March 2009 (and a 25% chance that it would fall to $1.40)
• Supply of a patent to B Ltd. The FV of the patent is $60,000. As the patent was internally generated it has not
been recognised in A Ltd’s books.
• Legal fees and associated with the acquisition totalled $5,000.
Required: Calculate the amount of consideration transferred.
Question: 15
Yati Limited is seeking to expand its market share and has negotiated to take over the operations of Dishita
Limited on 1st
April, 2018. The statement of financial position of the two companies as on 31st
March, 2018
were as follows:
Particulars Yati Limited Dishita Limited
Share capital (`1each) 1,00,000 60,000
Other reserves 28,500 26,800
Debentures 1,00,000 52,500
Loans 50,000 44,000
Accounts payable 56,000 45,100
Total 3,83,500 2,52,300
Goodwill 25,000 2,000
Plant and equipment (net) 65,000 46,000
Building (net) 60,000 30,000
Freehold land 1,50,000 1,00,000
Accounts receivable 25,000 34,700
Cash 23,000 12,000
Total 3,83,500 2,52,300
Howard Ltd is to acquire all the identifiable assets, except cash, of Falcon Ltd. The assets of Falcon Ltd are all
recorded at fair value except the following.
Fair value (`)
Inventories 39,000
Freehold land 1,30,000
Buildings 40,000
In exchange, Howard Ltd is to provide sufficient extra cash to allow Falcon Ltd to repay all of its outstanding
debts and its liquidation costs of `2400, plus two fully paid shares in Howard Ltd for every three shares held in
Falcon Ltd. The fair value of a share in Howard Ltd is `3.20.Costs of issuing the shares were `1200.
Required:
Prepare the acquisition analysis and journal entries to record the business combination in the records of Yati
Ltd.
Question: 16
D Limited agreed to acquire the business of a rival company, T Limited, taking over all assets and liabilities as
at 1.4.2017. The price agreed on was `60,000, payable `20,000 in cash and the balance by the issue to the
selling company of 16,000 fully paid shares in D Limited, these shares having a fair value of `2.50 per share.

ADHISH SIR 43
At 1.4.2017, the assets and liabilities of T Limited consisted of the following:
Plant (net) `30,000
Inventories `26,000
Accounts receivable `20,000
Accounts payable `20,000
All the identifiable net assets of T Limited were recorded by T Limited at fair value except for the inventories,
which were considered to be worth `28,000 (assume no tax effect). The business combination was completed
and T Limited went into liquidation. D Limited incurred incidental costs of `500 in relation to acquisition.
Prepare the journal entries in the books of D Limited to record the business combination.
Question: 17
Mr. J acquired 40 % of the equity interest of Yati Limited for `40 million several years ago. On 1st
January,
2015, Mr. J acquired an additional 35 % for `45 million, when the fair value of identifiable net assets were 105
million.
The fair value of non – controlling interest on 1st
January, 2015 was `32 million and the fair value of the
original 40 % holding was `52 million. Calculate value of goodwill.
Question: 18
Emma Limited acquires the net assets of Swan Limited for a consideration of `80,000. One half is to be paid on
acquisition date and other half is payable in one year’s time. The appropriate discount rate is 8 %.
Acquired assets and Liabilities are:
Equipment `48,000
Inventories `18,000
Accounts receivables `12,000
Patent `12,000
Accounts payable `14,000
Calculate value of goodwill or Bargain purchase.
Question: 19
J acquires 100 % of equity of B on 31st
December, 2018. There are 3 elements to the purchase consideration:
(a) An immediate payment of `50,00,000
(b) Two further payments of `10,00,000 if the return on capital employed exceeds 10 % in each of the
subsequent financial years ending December.
All indicators have suggested that this target will be met. J uses a discount rate of 7 %. Calculate consideration.
Question: 20
On January 1, 2018 Yati Limited purchased Dishita Limited on the following terms:
(i) Cash payment of `5,00,000 immediately.
(ii) Cash payment of `1,10,000 after 1 year. Appropriate discount rate is 10 %.
(iii) By issuing 1,50,000 equity shares having market value of `25 each.

ADHISH SIR 44
(iv) Yati Limited agree to pay additional cash if share price falls below from `25 in 3 months time. Yati
Limited estimate that there is 20 % chance that market price will fall to `22.
On that day Balance – sheet of Dishita Limited is as under:
Share capital 23,50,000 Land 4,00,000
Accounts payable 20,00,000 Building 7,50,000
Equipment 7,00,000
Trademark 1,00,000
Inventory 10,00,000
Receivables 9,00,000
Cash 5,00,000
43,50,000 43,50,000
All amounts are at fair value except the following:
Inventory `12,50,000
Land `6,00,000
Trade mark `1,50,000
Calculate goodwill or bargain purchase.
Question: 21
Company P held 25 % equity interest in company Q on 1.1.2015 for `50 M. It purchased 20 % additional
holding in company Q on 31.12.2016 for `30 M. Company P purchased 15 % additional holding on 31.12.2017
for 32 M. The book value of P’s total investment just before acquisition was ` 85 M and fair value of net asset
is `200 M as at acquisition date. NCI should be measured at fair value. Calculate goodwill / Bargain purchase.
Question: 22
On 1.1.2008, Aacquired 50 % interest in B for `60 M. A already held a 20 % interest which had been acquired
for `20 M but which was valued at `24 M on 1.1.2008. The fair value of NCI at 1.1.08 was `40 M and the fair
value of net asset of B was `110 M. Calculate goodwill or bargain purchase.
Question: 23
V Limited acquires 80 % of equity shares of S Limited at a cost of `40,00,000. Fair value of non – controlling
interest is `10,00,000. On the acquisition date the fair value of identifiable net asset is `45,00,000. Calculate
goodwill / Bargain purchase if –
(a) NCI measured at fair value
(b) NCI measured at proportionate net asset basis.
Question: 24
 Entity A acquired 15 % of Entity B in 2009 for `10,000.
 In 2010, fair value of shares of entity B is `12,000, thus `2,000 reported under OCI.
 In 2010, further acquired 60 % stake, consideration paid for `60,000.
 Entity A identifies the net asset of B as `80,000. Value of 15 % shares is `12,500.
Required:
(a) Calculate Goodwill / Bargain purchase.
(b) Pass necessary journal entries.

ADHISH SIR 45
Question: 25
Company A and Company B are in power business. Company A holds 25% of equity shares of Company B.
On November 1, Company A obtains controlof Company B when it acquires a further 65% of Company B’s
shares, thereby resulting in a total holding of 90%. The acquisition had the following features:
Consideration: Company A transfers cash of ` 59,00,000 and issues 1,00,000 shares on November 1. The
market price of Company A’s shares on the date of issue is ` 10 per share.
Contingent consideration: Company Aagrees to pay additional consideration of `7,00,000 if the cumulative
profits of Company B exceed ` 70,00,000 over the next two years. At the acquisition date, it is not considered
probable that the extra consideration will be paid. The fair value of the contingent consideration is determined
to be ` 3,00,000 at the acquisition date.
Transaction costs: Company A pays acquisition-related costs of ` 1,00,000.
Non-controlling interests (NCI): The fair value of the NCI is determined to be `7,50,000 at the acquisition
date based on market prices. Company A elects to measure non-controlling interest at fair value for this
transaction.
Previously held non-controlling equity interest: Company A has owned 25% of the shares in Company B
for several years. At November 1, the investment is included in Company A’s consolidated statement of
financial position at ` 6,00,000, accounted for using the equity method; the fair value is ` 20,00,000.
The fair value of Company B’s net identifiable assets at November 1 is ` 60,00,000, determined in accordance
with Ind AS 103.
Required
Determine the accounting under acquisition method for the business combination by Company A.
Question: 26
On 1st
July, 2016 B Limited acquired all of the assets and liabilities of P Limited in exchange for these assets
and liabilities, B Limited issued 1,00,000 shares that at date of issue had a fair value of `5.20 per share. Costs
of issuing these shares amounted to `1,000. Legal costs associated with the acquisition of P Limited amounted
to `1,200. The asset and liabilities of P Limited at 1st
July, 2016 were as follows:
Carrying
amount
Fair value
Assets:
Cash `2,000 `2,000
Accounts receivable `10,000 `10,000
Inventory `64,000 `68,000
Equipment `3,20,000 `2,32,000
Accumulated depreciation (`96,000) -
Patent `2,40,000 `2,80,000
Liabilities:

ADHISH SIR 46
Accounts payable (`16,000) (`16,000)
Debentures (`64,000) (`64,000)
Required:
(a) Prepare the acquisition analysis at 1st
July, 2016 for the acquisition of P Limited by B Limited.
(b) Prepare the Journal entries in the books of B Limited at 1st
July, 2016
(c) Prepare the Journal entries in the books of B Limited assuming that the shares issued by B Limited had a
fair value of `4.80.
PART – 2 – ACCOUNTING FOR BUSINESS COMBINATION WHERE TARGET COMPANY
CEASE TO EXIST
Question: 27
The Balance sheet of Yati Ltd. on 31st
December is given below:
Liabilities Amount (in 000) Assets Amount (in 000)
`10 each
5,050 Sundry Fixed Assets 5,000
8% preference shares 950 Stock 2,000
12 % debentures 1500 Debtors 1000
Sundry Creditors and
other liabilities
1000 Cash and bank 500
8500 8500
Dishita Ltd agrees to take over yati Ltd. by issuing requisite number of preference shares of `10 each at 5%
discount to the preference shareholders of Yati Ltd. and requisite number of equity shares of `10 each at
par to the equity shareholders of Yati Ltd purchase consideration is settled as per book value of the assets
and the debentures will be taken over by Dishita Ltd. on the agreement that such will be paid off at 10%
premium after one year. Debenture holders of Yati Ltd. will accept 12% debentures of Dishita Ltd.
Question: 28
Given below is the balance sheet of LMN Ltd as on 31.12.99 at which date the company taken over by PQR
Ltd.
Liabilities Amount Assets Amount
`10 each
70,00,000 Sundry Fixed Assets 80,00,000
preference shares 12,00,000 Sundry Current assets 42,00,000
12% debentures 25,00,000
Sundry creditors 15,00,000
1,22,00,000 1,22,00,000
Decided that sundry fixed assets of LMN Ltd. will be taken over at a valuation of `1,02,00,000, 8%
Preference share holder of LMN Ltd, are to be discharged by issuing 8% preference shares of the transferee
company to the extent of 50% and the balance in cash. Claim of the equity share holder to be discharged by
issuing equity shares of the transferee company to the extent of 60% and the balance in cash. The transferee
company will issue preference shares at par but equity shares of `1 0 each at a premium of 20% .
Question: 29
M Ltd. agreed to absorb N Ltd. on 31st
March, 2004, Whole balance sheet stood as follows:
Liabilities Amount (in 000) Assets Amount (in 000)

ADHISH SIR 47
80,000 share of `10 each
fully paid
8,00,000 Fixed Assets 7,00,000
General reserve 1,00,000 Investments Nil
Sundry creditors 1,00,000 Stock 1,00,000
Debtors 2,00,000
10,00,000 10,00,000
The consideration was agreed to be paid as follows:
(a) A Payment in cash of `5 per share in N Ltd. and
(b) The issue of shares of `10 each in M Ltd. on the basis of 2 equity shares (valued at `15) and one 10%
cumulative preference share (valued at `10) for every 5 shares held in N Ltd.
It was agreed that M Ltd. will pay in cash for fractional shares equivalent at agreed value of shares in N Ltd.
i.e. `65 for five shares of `50 paid
The whole of the share capital consists of share holdings in exact multiple of five except the following holding:
P 116
Q 76
R 72
S 28
Other individuals 8 (eight members holding one share each)
Total of such fractional holding = 300 shares
Prepare a statement showing the purchase consideration receivable in shares and cash.
Question: 30
ANKIT Limited agreed to purchase SHRIJA Limited on March 31, 2015 whose summarized Balance – sheet
stood as follows:
Equity and Liabilities Amount (`000) Assets Amount (`000)
2,40,000 equity shares @ `10
each
2400 Fixed assets 2,100
Other equity: Current assets:
General reserve 300 Stock 300
Secured loan - Debtors 600
Unsecured loan -
Creditors 300
3,000 3,000
The Consideration was agreed to be paid as follows:
(i) A payment in cash of `5 per share in SHRIJA LTD., and
(ii) The issue of shares of `10 each in ANKIT LTD. on the basis of two equity shares (valued at `15) and one
10% cum-preference share (valued at `10) for every five shares held in SHRLIA LTD. The, whole of the share
capital consists of shareholding in exact multiple of five, except .the following, holdings:
A 348
B 228
C 216
D 84
Other individual 24 (Twenty four members holding one share each)

ADHISH SIR 48
It was agreed that ANKIT LTD. will pay in cash for fractional shares equivalent at agreed value of share in
SHRIJA LTD. i.e. `65 for five shares of `50 paid.
Required:
Prepare a statement showing the purchase consideration rec44eivable by shareholders in shares and cash.
Question: 31
TOM Limited hold 45 % of the paid up capital of BEE Limited. The shares were acquired at market price of
`18 per share. The balance 55 % shares of BEE Limited are held by a foreign collaborating company. A
memorandum of understanding has been entered into with the foreign company providing for the following:
(a) The shares held by foreign company will be sold to TOM Limited. The price per share will be calculated by
capitalizing the yield at 20 %. Yield, for this purpose, would mean 50 % of the average of pre – tax profits for
last 3 years, which were 35 lakhs, 40 lakhs and 45 lakhs.
(b) The actual cost of the shares to the foreign company was `6,00,000. The profit that would accrue to them
would be taxable at an average rate of 25 %. The tax payable will be deducted from the proceeds and TOM
Limited will pay it to government.
(c) Out of the net consideration, 50 % would be remitted to the foreign company immediately and the balance
will be an unsecured loan repayable after 3 years. The above agreement was approved by all the concerned for
being given effect to on 1.4.2015.
The Total assets of BEE Limited as on 31.3.2015 were `1,10,00,000. It was decided to write down fixed assets
by `2,10,000. Current liabilities of BEE Limited as on the same date were `40,00,000. The paid up share
capital was `20,00,000 divided into 2,00,000 shares of `10 each.
Required:
(i) Compute purchase consideration
(ii) Prepare statement showing discharge of purchase consideration
(iii) Find amount of Goodwill / Bargain purchase on acquisition.
Question: 32 [JUNE, 2009]
ABC Ltdwas incorporated to take over A Ltd., B Ltd. and C Ltd. on the basis of their balance sheet as on
31.3.1990 subject to the following conditions:
(1) Goodwill is to be valued at 3 year’s purchase of average super profit for 3 years. Such average is to be
calculated after adjustment of depreciation at 10% on the amount increase/decrease on revaluation of fixed
assets. Income tax is to be ignored.
(2) Assets are to be revalued.
(3) Normal profit on capital employed is to be taken at 10%. Capital employed being considered on the basis
of net revaluation amounts of tangible assets.
(4) Equity Shares of `10 each fully paid in ABC Ltd. are to be distributed in the ratio of average profits after
adjustment of depreciation on revaluation as stated in (1) above.
(5) 10% debentures of `100 each fully paid up are to be issued by ABC Ltd. for the balance due.
(6) Issue of equity shares and debentures for this purpose is to be in the ratio of 3:1.
A Ltd. B Ltd. C Ltd.
Assets:
Net tangible block 9,00,000 7,00,000 6,00,000
Goodwill - 50,000 -
Current assets 3,00,000 2,50,000 1,00,000
12,00,000 10,00,000 7,00,000
Equity Shares Capital (`10 each) 6,00,000 7,00,000 3,00,000

ADHISH SIR 49
Reserves 1,00,000 50,000 1,00,000
10% debentures 2,00,000 -- 1,00,000
Trade and expenses creditors 3,00,000 2,50,000 2,00,000
12,00,000 10,00,000 7,00,000
Revaluation of tangible block 11,00,000 6,00,000 7,00,000
Revaluation of current assets 3,50,000 1,40,000 80,000
Average annual profit for 3 years
before charging debenture interest
1,80,000 1,44,000 78,000
(i) Calculate the number of equity shares and debenture to be issued to each of the companies.
(ii) Prepare a draft balance sheet of ABC Ltd. immediately after business combination.
Question: 33
The summarized balance sheet of R Ltd. and P Ltd. for the year ending on 31st
March, 2000 are as under:
Liabilities R Ltd. PLtd. Assets R Ltd. P Ltd.
Equity shares capital
(in share of `10 each)
24,00,000 12,00,000 Fixed Assets 55,00,000 27,00,000
8% preference share
capital (in share of
`10 each)
8,00,000 - Current Assets 25,00,000 23,00,000
10% preference share
capital (in share of
`10 each)
- 4,00,000
Reserves 30,00,000 24,00,000
80,00,000 50,00,000 80,00,000 50,00,000
The following information is provided:
(1)
Particulars R Ltd. P Ltd.
Profit before tax `10,64,000 `4,80,000
Taxation `4,00,000 `2,00,000
Preference dividend `64,000 `40,000
Equity Dividend `2,88,000 `1,92,000
(2) The equity shares of both the companies are quoted in the market. Both the companies are carrying on
similar manufacturing operations.
(3) R Ltd. proposes to absorb P Ltd. as on 31.3.2000. The terms of absorption are as under:
(a) Preference share holders of P Ltd. will receive 8% preference shares of R Ltd. sufficient to increase the
income of preference shareholders of P Ltd. by 10%.
(b) The equity shareholders of P Ltd. will receive equity shares of R Ltd. on the following basis:
(i) The equity shares of P Ltd. will be valued by applying to the earnings per share of P Ltd. 75% of price
earnings ratio of R Ltd. based on the results of 1999-2000 of both the companies.

ADHISH SIR 50
(ii) The market price of equity shares of R Ltd. is `40 per share.
(iii) The number of shares to be issued to the equity shareholders of P Ltd. will be based on the above market
value.
(iv) In addition to equity shares, 8% preference shares of R Ltd. will be issued to the equity shareholders of P
Ltd. to make up for the loss in income arising from the above exchange of shares based on the dividends for
the year 1999-2000.
(4) The Assets and liabilities of P Ltd. as on 31.3.2000 are revalued by professional value at as under:
Particulars Increased by Decreased by
Fixed Assets 1,00,000 -
Current Assets - 2,00,000
Current Liabilities - 40,000
(5) For the next two years, no increase in the rate of equity dividend is expected.
You are required to :
(i) Set out in detail the purchase consideration.
(ii) Calculate Goodwill / Bargain purchase.
Question: 34
Deva Ltd. And Asura Ltd. Carrying on similar business agreed to combine their undertakingsto a new
company Devasura Ltd. The balance sheet of the two companies as on the date of transfer was as follows:
Liabilities Deva Ltd Asura Ltd Assets Deva Ltd Asura Ltd
Equity shares of `100
each
5,00,000 3,00,000 Land and building 4,65,000 2,55,000
6% preference shares of
`100 each
5,00,000 2,50,000 Plant and machinery 5,60,000 3,58,000
5% debentures - 40,000 Furniture and fitting 79,000 34,000
General Reserve 2,00,000 70,000 Stock 81,500 52,000
Profit and Loss Account 1,15,000 55,000 Debtors 56,000 24,600
Sundry creditors 75,000 35,000 Cash at Bank 87,000 22,500
Cash in hand 6,400 3,900
Preliminary expenses 55,100 -
13,90,000 7,50,000 13,90,000 7,50,000
The terms of agreement were as follows:
(i) The discharge of the debentures in Asura Ltd. at a premium of 5% by the issue of 7% debentures in
Devasura Ltd.
(ii) The issue of 10 equity shares of`10 each at a premium of `2 per share for preference share held in both the
companies.
(iii) The issue of 10 equity share of `10 each at a premium of `2 per shares and `22 in cash for each equity share
in Deva Ltd. and 5 equity shares of `10 each at a premium of `2 per share and `80 in cash for every equity share
in Asura Ltd.
(iv) All the assets and liabilities of the two companies were taken over at their book value except that provision
at 5% was to be raised on debtors.
(v) In Order to raise working capital and to pay the purchase consideration, Devasura Ltd. decided to issue
30,000 equity shares of `10 each at a premium of `2.50 per share
You are required to prepare necessary ledger accounts to close the book of vendor companies and pass

ADHISH SIR 51
necessary journal entries in the books of Devasura Ltd. And prepare the balance sheet of the new company
Question: 35
Hammer Ltd. and Grace Ltd. propose to business combination. Their balance sheet as on 31st
December,
1991were:
Liabilities Hammer
Ltd.
Grace
Ltd.
Assets Hammer
Ltd.
Grace
Ltd.
Equity shares of `10 each 5,00,000 2,00,000 Fixed Assets (Less:
Depreciation)
4,00,000 1,00,000
General Reserve 2,00,000 20,000 Investments (face value
`1,00,000, 6% tax free
G.P. note)
1,00,000 -
Profit and Loss Account 1,00,000 30,000 Stock 2,00,000 1,30,000
Creditors 1,00,000 50,000 Debtors 1,70,000 60,000
Cash and bank balance 30,000 10,000
9,00,000 3,00,000 9,00,000 3,00,000
Net Profit (after taxation):
Particulars Hammer Ltd. Grace Ltd.
1989 `1,30,000 `45,000
1990 `1,25,000 `40,000
1991 `1,50,000 `56,000
Goodwill may taken as 4 year’s purchases of average trading super profits on the basis of 15% trading profit
on closing capital invested. The stock of Hammer Ltd. and Grace Ltd. to be taken at `2,04,000 and `1,42,000
respectively for the purpose of combination. X Ltd. formed for the purpose of combination of both the
companies. Advise upon capitalization of X Ltd. and suggest scheme of exchange of shares for that purpose.
Draft the balance sheet of X Ltd. For the purpose of exchange of shares, shares of X Ltd. may be assumed @
`10 each.
Question: 36
The Balance sheet of O Ltd. and P Ltd. as on 31st
March, 2000 are as under:
(`in lakhs)
Liabilities O Ltd. P Ltd. Assets O Ltd. P Ltd.
Equity shares of `10
each
25 50 Fixed Assets 110 50
Reserves 131 29.25 Investments 16.25 25
12% debentures 11 5.50 Current Assets 40.25 3.25
Creditors 8 2.75 Misc. expenditure 8.50 9.25
175 87.50 175 87.50
Investment of O Ltd. represent 1,25,000 shares of P Ltd. Investments of P Ltd. are considered worth ` 30 lakhs.
P Ltd. is taken over by O Ltd. on the basis of the intrinsic value of shares in their respective books of accounts.
Prepare a statement showing the number of shares to be allotted by O Ltd. to P Ltd. and the balance sheet of O
Ltd. after absorption of P Ltd.
Question: 37
The following are the balance sheets of A Ltd. and B Ltd. as on 31st
March, 1989:
Liabilities A Ltd. B Ltd. Assets A Ltd. BLtd.

ADHISH SIR 52
Equity share capital of `
100 each fully paid up
10,00,000 5,00,000 Machinery 5,00,000 2,50,000
Profit and Loss account 3,00,000 1,50,000 Motor car 80,000 20,000
Sundry creditors 2,00,000 3,50,000 Furniture 20,000 5,000
Share in B Ltd. 1,25,000 -
Share in A Ltd. - 60,000
Stock 3,75,000 2,25,000
Debtors 3,00,000 3,40,000
Cash at bank 1,00,000 1,00,000
15,00,000 10,00,000 15,00,000 10,00,000
A Ltd. holds 1,000 share in B Ltd. and B Ltd. hold 500 shares in A Ltd. The two companies agree for business
combination on the following basis:
(a) A new company is to be formed called AB Ltd.
(b) The Goodwill is valued for A Ltd. At ` 2,50,000 and for B Ltd. At `1,25,000.
(c) The Shares of AB Ltd. are to be of Nominal value of ` 10 each.
Prepare:
(a) Calculate purchase consideration
(b) Balance sheet of AB Ltd. after business combination
Question: 38.
The Balance – sheet of Big Ltd. and Small Ltd. as on 31.3.2002 were as follows:
Liabilities Big Small Assets Big Small
Equity share capital
(`10)
8,00,000 3,00,000 Building 2,00,000 1,00,000
10 % Preference share
capital (`100 each)
- 2,00,000 Machinery 5,00,000 3,00,000
General reserve 3,00,000 1,00,000 Furniture 1,00,000 60,000
Profit and loss account 2,00,000 1,00,000 Investments:6,000
shares of Small Ltd.
60,000 -
Creditors 2,00,000 3,00,000 Stock 1,50,000 1,90,000
Debtors 3,50,000 2,50,000
Cash and bank 90,000 70,000
15,00,000 10,00,000 15,00,000 10,00,000
Big Limited has taken over the entire undertaking of Small Limited on 30.9.2002 on which date the position of
current assets except cash and bank balances and current liabilities were as under:
Big Ltd. Small Ltd.
Stock 1,20,000 1,50,000
Debtors 3,80,000 2,50,000
Creditors 1,80,000 2,10,000
Profit earned for the half year ended on 30.9.2002 after charging depreciation at 5 % on building, 15 % on
machinery and 10 % on furniture, are:
Big Limited: `1,02,500
Small Limited: `54,000
On 30.8.2002 both companies have declared 15 % dividend for 2001 – 2002. Goodwill of Small Limited has
been valued at `50,000 and other fixed assets at 10 % above their book value on 31.3.2002. Preference

ADHISH SIR 53
shareholders of Small Limited are to receive requisite number of equity shares of Big Limited valued at `15 per
share in satisfaction of their claims. Show the Balance – sheet of Big Limited as on 30.9.2002.
Question: 39
Following are the Balance – sheet of companies as at 31.12.2005:
Liabilities D Ltd. V Ltd. Assets D Ltd. V Ltd.
Equity share capital (`100) 8,00,000 6,00,000 Goodwill 6,00,000 -
General reserve 4,00,000 3,00,000 Fixed assets 5,00,000 8,00,000
Investment allowance reserve - 4,00,000 Investments 2,00,000 4,00,000
Sundry creditors 5,00,000 2,00,000 Current assets 4,00,000 3,00,000
17,00,000 15,00,000 17,00,000 15,00,000
D Ltd. took over V Ltd. on the basis of the respective shares value, adjusting wherever necessary,the book
values of assets and liabilities on the basis of the following information:
(i) Investment Allowance Reserve was in respect of addition made to fixed assets by V Ltd. in the year 1999-
2004 on which income tax relief has been obtained. In terms of the Income Tax Act, 1961, the company has to
carry forward till 2008 reserve of `2,00,000 for utilization.
(ii) Investments of V Ltd. included 1,000 shares in D Ltd. acquired at cost of `150 per share. The other
investments of V Ltd. have a market value of `1,92,500.
(iii) The market value of investments of D Ltd. are to be taken at `1,00,000.
(iv) Goodwill of D Ltd. and V Ltd. are to be taken at `5,00,000 and `1,00,000 respectively.
(v) Fixed assets of D Ltd. and V Ltd. are valued at `6,00,000 and `8,50,000 respectively.
(vi) Current assets of D Ltd. included ` 80,000 of stock in trade received from V Ltd. at cost plus 25%.
The above scheme has been duly adopted. Pass necessary JournalEntries in the books of D Ltd. and prepare
Balance Sheet of D Ltd. after taking over the business of V Ltd. Fractional share to be settled in cash, rest in
shares of D Ltd. Calculation shall be made to the nearest multiple of a rupee.
Question: 40
The balance – sheet of Plant Limited and Grass Limited as at 31st
March, 2008 are given below:
Particulars Plant Limited Grass Limited
Liabilities and capital:
Share capital – shares of `10 each 60,00,000 20,00,000
Securities premium 3,00,000 -
13 % Debentures - 12,00,000
Sundry creditors 7,00,000 3,60,000
Outstanding expenses 2,60,000 1,00,000
84,00,000 41,00,000
Assets
Land and building 20,00,000 8,00,000
Plant and machinery 12,00,000 4,00,000
Furniture 8,00,000 2,00,000
Investments:

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