From the Balance Sheets and information given below, prepare Consolidated Balance Sheet of Virat Ltd. and Anushka Ltd. as at 31st March. Virat Ltd.…

Consolidated balance Sheet of Virat Ltd. and its Subsidiary Anushka Ltd. as at 31st March, 2023 Particulars Note Amount (₹) I EQUITY AND LIABILITIES: (1) Shareholders' Funds: (a) Share Capital 1 6,00,000 (b) Reserve and Surplus 2 1,80,000 (2) Minority Interest 3 1,00,000 (3) Non-Current Liabilities: Long Term Borrowings 4 3,00,000 (4) Current Liabilities: Trade Payables 5 2,00,000 Total 13,80,000 II ASSETS: (1) Non-Current Assets Property, Plant & Equipment 6 7,00,000 (2) Current Assets: (a) Inventories 7 3,60,000 (b) Trade receivables 8 2,20,000 (c) Cash and Cash Equivalents 9 1,00,000 Total 13,80,000 Notes to Accounts Particulars ₹ 1. Share capital 60,000 equity shares of 10each fully paid up 6,00,000 2. Reserves and Surplus General Reserve 1,00,000 Add: General reserve of Anushka Ltd (80%) 80,000 Total 1,80,000 3. Minority interest 20% share in Anushka Ltd (WN 3) 1,00,000 4 Long term borrowings Long term borrowings of Virat 2,00,000 Add: Long term borrowings of Anushka 1,00,000 Total 3,00,000 5. Trade payables Trade payables of Virat 1,00,000 Add: Trade payables of Anushka 1,00,000 Total 2,00,000 6. Property, Plant and Equipment (PPE) PPE of Virat Ltd 4,00,000 Add: PPE of Anushka Ltd 3,00,000 Total 7,00,000 7. Inventories Inventories of Virat Ltd 1,60,000 Add: Inventories of Anushka Ltd 2,00,000 Total 3,60,000 8. Trade receivables Trade receivables of Virat Ltd 80,000 Add: Trade receivables of Anushka Ltd 1,40,000 Total 2,20,000 9 Cash and cash equivalents Cash and cash equivalents of Virat Ltd 40,000 Add: Cash and cash equivalents of Anushka Ltd 60,000 Total 1,00,000 Working Notes: 1. Basic Information Company Status Dates Holding Status Holding Co. = Virat Ltd. Acquisition: Anushka’s Incorporation Holding = 80% Company Subsidiary = Anushka Ltd. Consolidation: 31st March, 2023 Minority = 20% Interest 2. Analysis of General Reserves of Anushka Ltd Since Virat holds shares in Anushka since its incorporation, the entire Reserve balance of 1,00,000 will be Revenue. 3. Consolidation of Balances Holding- 80%, Minority - 20% Total Minority Interest Holding Company Equity Capital 4,00,000 80,000 3,20,000 General Reserves 1,00,000 20,000 Nil (pre-acq) 80,000 (post-acq) Total 1,00,000 Cost of Investment Goodwill/ capital reserve 3,20,000 (3,20,000) NIL Parent’s Balance 1,00,000 Amount for Consolidated Balance Sheet 1,80,000