Question

Foreign Associate company of Indian Shanti company Is located at Australia it's 30% shares are acquired by Shanti company on 1/9/2015 On this day there were a credit balance of AUS$ 2600 and 2800 For profit and loss account and general reserve respectively balance sheets of both the company as at 31-3-2016 as follow
Equity Share Capital
(each or 100 and AUS $ 10)
General Reserve
Capital Reserve
Profit & Loss NC
Non-Current Liabilities
Current Liabilities:
Creditors
Bills Payable
Bank Overdraft
Total
4,00.000
80.000
2.40,000
4.00,000
4.000 Eur
500 W
7.500
8,000 NUL
2,40.000
80,000
80,000
35,20,000
4,900
2.000
2.000
Assets:
48.000
8,00,000
Non-Current Assets:
Land-Building
Plant-Machinery
Furniture
Investments in Associate (600 shares)
Other Investments
Current Assets:
Cash Balance
5,00,000
3,00,000
5,20,000
4,80,000
12,000
8,000
4,000
12.000
Stock
5,60,000
2,40,000
1,20,000
35,20,000
4,000
4,000
Debtors
Total
4,000
48,000
Information:
Foreign Associate has paid dividend @ 10% for previous year. It
is credited by Shanti Ltd. in its P & L Alc. At the time of dividend
Payment exchange rate was AUS $1 = IND70.
1 AUS $ = IND
Exchange Rates:
Opening of the year
At the time of share purchase 1 AUS $ = IND
Closing of the year
Average of the year
1 AUS $ = IND
1 AUS $ = IND
69
70
71
70.5

Answer 1

Answer:

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