Prepare the consolidated balance sheet from the following balance sheets of Happy Ltd. and Joy Ltd. as on 31st March, 2015: Balance Sheets as on 31st March, 2015 Particulars Happy Ltd. (₹) Joy Ltd. (₹) I. EQUITY AND LIAB

Working Notes: 1. Degree of Control / Minority Interest: Joy Ltd. Share Capital = ₹1,50,000 (15,000 shares of ₹10 each) Happy Ltd. acquired 10,000 shares out of 15,000 shares of Joy Ltd. Holding Ratio = 10,000 / 15,000 = 2/3 Minority Interest Ratio = 1/3 2. Pre-acquisition Profits/Reserves of Joy Ltd. (as on 1st April, 2014): General Reserve = ₹9,000 Surplus = ₹66,000 Total Pre-acquisition Reserves = ₹75,000 3. Post-acquisition Profits/Reserves of Joy Ltd. (from 1st April, 2014 to 31st March, 2015): Current General Reserve = ₹13,000 Less: Pre-acquisition General Reserve = ₹9,000 Post-acquisition General Reserve = ₹4,000 Current Surplus = ₹80,000 Less: Pre-acquisition Surplus = ₹66,000 Post-acquisition Surplus = ₹14,000 4. Minority Interest Calculation: Particulars Amount (₹) Share Capital (1/3 of ₹1,50,000) 50,000 Pre-acquisition Reserves (1/3 of ₹75,000) 25,000 Post-acquisition Surplus (1/3 of ₹14,000) 4,667 Post-acquisition General Reserve (1/3 of ₹4,000) 1,333 Total Minority Interest 81,000 5. Cost of Control / Goodwill: Particulars Amount (₹) Cost of Investment by Happy Ltd. 1,80,000 Less: Face Value of Shares held (2/3 of ₹1,50,000) (1,00,000) Less: Share of Pre-acquisition Reserves (2/3 of ₹75,000) (50,000) Goodwill 30,000 6. Unrealised Profit on Stock: Unsold goods in Happy Ltd.'s inventory purchased from Joy Ltd. at cost ₹18,000. Joy Ltd. charged a profit of ₹6,000 on these goods. Unrealised Profit = ₹6,000 7. Inter-company Balances: Trade payables of Happy Ltd. included ₹24,000 payable to Joy Ltd. This amount will be eliminated. 8. Consolidated Reserves and Surplus: Particulars General Reserve (₹) Surplus (P&L A/c) (₹) Happy Ltd. Balances 2,10,000 1,50,000 Happy Ltd.'s share of Post-acquisition General Reserve of Joy Ltd. (2/3 of ₹4,000) 2,667 Happy Ltd.'s share of Post-acquisition Surplus of Joy Ltd. (2/3 of ₹14,000) 9,333 Less: Unrealised Profit on Stock (6,000) Consolidated Balances 2,12,667 1,53,333 Consolidated Balance Sheet of Happy Ltd. and its subsidiary Joy Ltd. as at 31st March 2015 I. EQUITY AND LIABILITIES 1. Shareholders' Fund (a) Share Capital: ₹4,00,000 (b) Reserve and Surplus General reserve: ₹2,12,667 Profit & Loss A/c (Surplus): ₹1,53,333 2. Non-Current Liabilities Minority Interest: ₹81,000 3. Current Liabilities Trade payables: (₹40,000 + ₹59,450 - ₹24,000) = ₹75,450 Total: ₹9,22,450 II. ASSETS 1. Non-Current Assets Fixed Assets: (₹3,96,000 + ₹1,45,000) = ₹5,41,000 Intangible Assets (Goodwill): ₹30,000 2. Current Assets (a) Inventories: (₹1,02,000 + ₹62,050 - ₹6,000) = ₹1,58,050 (b) Trade Receivables: (₹97,000 + ₹82,200 - ₹24,000) = ₹1,55,200 (c) Cash & Bank: (₹25,000 + ₹13,200) = ₹38,200 Total: ₹9,22,450