Preparing consolidated balance sheet: Hero Limited acquired the entire equity share capital of Zero Limited on 1st January 2017 for a consideration of ₹ 600 million. At the time of acquisition the share capital of Zero Limited consisted on 20 million equity shares of ₹ 10 each. The company had other equity amounting to ₹ 560 million.
The balance sheets of the two companies as on 31st March 2017, are given below:
1. Zero Limited borrowed ₹ 1,000 million from Hero Limited on 1st January 2011 at 10% per annum. The loan amount and interest thereon is due to be paid.
2. Hero Limited bought goods from Zero Limited for ₹ 200 million during the year. Zero Limited charged a margin of 25% on cost. Out of these goods, 1/4th are still unsold.
3. The debtors for Zero Limited include an amount of ₹ 140 million receivable from Hero Limited.
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