All the bills payable appearing in Dee Ltd.’s(subsidiary one) Balance Sheet were accepted in favour of Cee Ltd. out of which bills amounting to Rs. 75 lakhs were endorsed by Cee Ltd(susidiary second). in favour of Bee Ltd.(holding) and bills amounting to Rs. 45 lakhs had been discounted by Cee Ltd. with its bank.
could neone plz explain what amount will be contra in cosolidated BS and how much contigent liab will be reduced??
bills payable appearing in Dee's BS is rs. 150 lacs
In my opinion
105 (30+75) should be contra and cont. liab. should be reduced by 120 (75+45)
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