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1. Consolidated Financial Statement Means

y Consolidated Balance Sheet
y Consolidated Profit & Loss
y Consolidated Cash Flow Statement
y Consolidated Statement of Change in Equity
y Additional Information in Consolidated Financial Statement (Subsidiary, Associated & Joint Ventures).

2. Mandatory Consolidation
Each and Every Company having Subsidiary company other than temporary subsidiary is required to
present consolidated account.

3. Subsidiary Company :
Subsidiary means a company having holding company.

4. Holding Company : It means

y Company having power to control the composition of Board of directors.
Or
y Holds more than of total Share Capital (Equity & Convertible Preference Shares) either alone or with
another subsidiary.

X Ltd. is Holding
80% Shares
X Ltd. Y Ltd.

30% 10%

20% 30%

Z Ltd. K Ltd.
40% Shares

Notes : If one company controls the BOD & another company has more than of the total share capital then,
both of the companies are treated as Holding Company.

5. Majority Interest : Share of Holding Company (suppose X Ltd. hold 60% of the equity shares of Y Ltd. in that
case share of X Ltd. and Y Ltd. is treated as majority interest).

6. Minority Interest : Share of other than Holding Company (In above example share other than X Ltd. i.e.40% is
treated as minority interest).

7. Rule of Consolidation under AS - 21 :

Consolidation is required 100% of Assets & Liabilities in the books of holding company, and excess consolidated
Assets & Liabilities should be disclosed as Minority Interest.

8. Cost of Control :
(a) Cost of control is calculated on the date of purchase of shares (Date of Acquisition).
(b) Cost of control is calculated by comparing Cost of Investment and Share in Net Assets. (i.e. Shares Capital
and Reserves & Surplus).
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Goodwill if A is > B (A - B)
Capital Reserve if B > A (B - A)
Format :
Particulars Rs.
A. Cost of Investment
Amount invested (Actual invesment in Equity & Preference) xxxx
Less : Pre-acquisition Dividend of Equity & Pref. (xxx) xxxx
B. Share in Net Assets Represented by
Share Capital Equity & Preference (Opening + Bonus (if any) xxxx
Capital Profit xxxx xxxx
C. Goodwill (A - B) xxxx
D. Capital Reserve (B - A) xxxx

Important Point :
z When Cost of investment and Carrying amount is different then consider Carrying Amount.
z For calculation of cost of control, when capital profit is determined then, for application of time adjustment Even
Profit is required.
z Even profit is calculated after adjusting un-even items, (Abnormal Loss & Gain, Dividend paid & Proposed,
Dividend Tax, Bonds Shares and Other appropriations).
z For determination of capital profit analysis of Profit is required.
z Analysis is made for Profit & Loss all types of Reserve & all Fictitious.
z No Analysis is required for Equity Share Capital and Preference Share Capital as they are Capital by Nature.
(even though issued Date of Acquisition).
z Even though Share Capital is issued out of post profit i.e. Bonus Shares analysis into capital and revenue is not
required.

9. Minority Interest
Origination : Minority interest is arising due to 100% Consolidation method prescribed by AS - 21.
Meaning : Excess of Net Assets consolidated on the date of Acquisition in holding company.
Format of Minority Shares
Particulars Amount
Share in Equity Share Capital xxxx
Shares in Preference Share Capital xxxx
Share in Revenue Reserve & Revenue Profit xxxx
Share in Capital Profit xxxx
Less : Share in Stock Reserve (in Upstream transaction) (xxx)
Less : Share in Equity proposed Dividend (xxx)
Total Balance for Balance Sheet xxxx

Presentation of Minority Interest in Consolidation Balance Sheet :

Particulars Amount
I. Equity & Liabilities
(a) Shareholders Fund
(i) Equity Share Capital xxx
(ii) Reserves & Surplus xxx
(iii) Share Warrants (if any) xxx
(iv) Minority Interest xxx
(b) Non-current Liabilities

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10. Negative Minority Interest

When Minority Interest due to losses of Subsidiary is Negative in that situation negative amount is adjusted
from Holding Company Reserves.
In subsequent years when subsidiary earns profit in that case prior adjustment of loss against holding company
transferred to holding company as profit and balance treated as minor interest.
Note : When Minor has binding obligation (Partly paid shares held by outsider or any other binding obligation in
writing) then negative minority interest can be presented.

11. Analysis of Profit, Reserve and Fictitious of Subsidiary Company

9 Analysis of Profit is required when Date of Acquisition & Date of Consolidation is Different.
9 Profit on Date of Acquisition is either given in question or calculated using time adjustment.
9 If Ques. is silent assume profit from current year and Reserve and Fictitious from Past period.
9 Time adjustment is applied on even profit except Abnormal Loss & Abnormal Gain.
9 Profit from Balance Sheet is appropriated Profit & accordingly for determination of PAT all journalised
appropriations are added back.
9 After applying time adjustment appropriation are deducted from Pre & Post as per its Source of
Appropriation.

12. Dividend from Subsidiary Company (Sec. 123 of Companies Act, 2013)
y Dividend is paid out of Profit.
y Profit may be of Current FY or any Previous FY.
y It means dividend is first paid out of Current Year Profits and then moving backwards.
y Since Dividend is distributed out of profit hence, it is required to classify the dividend into pre-acquisition
and post-acquisition dividend.
y Dividend paid out of profit earned before the date of acquisition is classified as Pre-acquisition
Dividend.
y Dividend paid out of profit earned after the DOA is classified as Post acquisition Dividend.
y Pre-acquisition dividend is Deducted from cost of Investment at the time of Purchase of Investment,
because at the time of purchase the profit from which such dividend is paid has been charged by subsidiary
from holding as cost.
y Post Dividend is paid out of that profit which has been earned from the investment made by holding
company, thus such dividend is an investment income, and accordingly transferred to P&L.
y Interim dividend is paid out of current year profit up to the date of declaration.
y Such Interim Dividend may be Pre or Post depends upon the DOA.
Summary of Adjustment in the books of Subsidiary
Step 1 : In Analysis of Profit Add Dividend.
Step 2 : Apply Time Adjustment (if any)
Step 3 : Deduct from its source
(i) Final - From profit of the year for which dividend is paid and moving backward.
(ii) Interim - Current year profit up-to the date of declaration.
Summary of Adjustment in the books of Holding
(i) Check where
1. Dividend from subsidiary has been received.
2. Such Dividend relates to Pre-Acquisition Period.
3. Holding Company has credited that dividend to the Profit & Loss A/c.
(ii) If all the above condition are satisfied then Pass following Journal
Consolidated P&L A/c Dr. xxx
To Investment A/c xxx
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13. Revaluation of Fixed Assets of Subsidiary

Step 1 : Calculate Revaluation Profit or Loss (on date of Acquisition)
Particulars Amount
Market Value on Date of Acquisition xxx
Less : Book value on the Date of Acquisition (xx)
Revaluation Profit (Loss) (always transferred to capital column of AOP) xxx

Step 2 : Calculate Additional or Savings in Depreciation

Particulars Amount
(1) Depreciation on market value for Post Period xxx
(2) Less : Depreciation already charged on Book Value (xxx)
Balance to be transferred to Analysis of Profit (transferred to revenue column of AOP) (xxx)
Note : Impact of revaluation is always considered after time adjustment in AOP.

14. Contra Items

1. Elimination of Common Receivables & Payables (Debtors, Creditors, BR, BP, Loan Receivables & Payable)
z Journal Entry (only imapct is to shown)
Creditros / BP / Loan Payable Account Dr.
Cash in Transit Dr.
To Debtors / BR / Loan Receivable
Notes : If payable is more than receivable then eliminate the minimum common amount.

2. Inter-Company Debentures
z Investor is Holding Company
Debenture Liability Dr.
Consolidated P&L (bal. fig.) Dr.
To Investment in Debentures (Actual Cost)
To Consolidated P&L (bal. fig.)
z Investor is Subsidiary Company
Debenture Liability Dr.
Analysis of Profit (Bal. fig.) Dr.
To Investment in Debentures
To Analysis of Profit (bal. fig.)
Notes : Profit is of revenue nature and transferred to Post Period of Analysis of Profit.

15. Stock Reserve

A. Down Stream Transaction (means when Holding company Sale the Goods to Subsidiary).
Step 1 : Calculate unrealized Profit in Stock
Step 2 : Deduct Such Stock Reserve from consolidated Profit & Loss
Step 3 : Deduct Stock in consolidated Balance Sheet.
B. Up Stream Transaction (means when Holding company Purchases from Subsidiary).
Step 1 : Calculate unrealized Profit in stock
Step 2 : Distribute unrealized profit as follows :
(i) Related to Holding Company --- Deduct from Consolidated Profit & Loss.
(ii) Related to Minority Interest --- Deduct from Minority Interest.
Step 3 : Deduct Stock in consolidated Balance Sheet.
Note : Apply similar treatment for unrealized profit/loss on assets transferred.

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16. Contingent Liabilties

Step 1 : Identify Total bill issued within the group.
Step 2 : Identify and eliminate Bills Receivable & Bills Payable by bill issued within the group and not discounted.
Step 3 : Identify and reduce contingent liability if any by bill issued within the group and discounted.

17. Error or omission must be rectified before all the adjustments

(i.e. if any entry needs to be credited to P&L and not credited then first do that entry and then any adjustment is done).

18. Equity Proposed Dividend of Holding Company

If Journalised ............................... Ignore
If not Journalised then Impact to be Shown
Consolidated P&L Dr.
To Proposed Dividend
Note : Amount of Proposed Dividend is presented in consolidated Balance Sheet as Short Term Provisions.

19. Equity Proposed dividend of Subsidiary Company

y If Dividend has been Journalised then cancel such dividend in Analysis Profit before time adjustment. If
not journalised then no treatment is required in AOP.
y Impact on Minority Interest
Minority Interest Dr.
To Minority in Equity Proposed
Note : Minority interest in proposed dividend is presented consolidated Balance sheet as Short Term Provisions.

20. Bonus Shares of Subsidiary Company

A. No Treatment is required in the books of Holding Company for Dividend received from Subsidiary
but calculation of Holding Ratio must be taken care off :

No. of Share Purchased + Bonus Received

Formula 1 : Cum-Bonus Method =
No. of Share of Subsidiary + Bonus Issued

No. of Share Purchased

Formula 2 : Ex-Bonus Method =
No. of Share of Subsidiary before Bonus

B. Books of Subsidiary Company

1. If Bonus is Journalised
Step 1 : Add Bonus in Profit from which it has been deducted.
Step 2 : Apply Time Adjustment (if any).
Step 3 : Deduct Bonus from its Source.
2. If Bonus has not been journalised
Deduct Bonus out of its Source after time adjustment.
While calculating Cost of Control and Minority Interest Bonus shares must be considered
Note : Always deduct bonus from pre-profit except when pre-profit is insufficient.
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21. Foreign Subsidiary Sec.2(42) of Companies Act, 2013

Step 1 : Prepare analysis of Profit in Foreign Currency, but dont distribute profits.
Step 2 : Apply following rule of conversion
ITEMS RATE
1. Fixed Assets at Actual rate
2. Capital Profit at earlier rate / opening rate
3. Revenue Profit at Average Rate
4. Other Assets and Liabilities Use Closing Rate.
Step 3 : Other steps of consolidation are same (i.e.Cost of Control, Minority Interest, Consolidation P&L).
Notes :
1. Dividend received from subsidiary company by holding company is converted using rate on the Date of
Dividend received.
2. Difference arises due to conversion of Balance Sheet is treated as exchange difference and distributed
between holding and Minority as Post Profit.

22. Different Accounting Period

1. Under companies act, 2013, all companies are required to follow 1st April to 31st March as accounting year,
but if company is foreign then different dates are permitted.
2. AS 21 requires that for consolidation purpose 6 months gap is valid.
3. For exam purpose Accounts to be consolidation of both Holding & Subsidiary must be on the same date.
4. For this purpose Accounts of Subsidiary must be updated.
5. For updation of Account of Subsidiary following steps are applied :
Case 1 : When there is normal Business Operations :
Step 1 : Calculate profit Up-to Updation date
Step 2 : Fixed Assets are presented after deducting depreciation & other Assets and Liabili-
ties are assumed at Same Value.
Step 3 : Difference in Balance Sheet is treated as Cash (if Dr.) & Overdraft (if cr.)
Step 4 : Other steps of consolidation are same.
Case 2 : If there is change in the value of Assets and Liabilities
Step 1 : Prepare Ledger A/c in Column form for each item.
Particulars Assets Liabilities Reserve Profit Capital
Opening Balance xxx xxx xxx xxx xxx
Add : Additions xxx xxx xxx xxx xxx
Less : Deletion (xx) (xx) (xx) (xx) (xx)
Closing Balance xxx xxx xxx xxx xxx

Step 2 : Other Steps of consolidation are same.

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23. Preference Proposed Dividend :

1. Subsidiary

If Dividend Proposed & Journalized If Dividend Not Journalized
Step 1 : Add in Profit from which dividend has
been deducted
Step 2 : Apply time Adjustment if any.
Step 3 : Deduct dividend from its Source

If Proposed If Not Proposed

Deduct after time adjustment from its Source

Cumulative Preference Shares Non-Cumulative PSC

Deduct after time adjustment from its Ignore
Source

2. Treatment of Preference Proposed Dividend for Consolidated Balance Sheet

From Pre-Profit From Post Profit

Minority Share Share of Minor transferred to

Consolidated BS in
Transferred to BS in Short Term Provisions
Short Term Provisions

24. Different Date of Acquisition

1. If Investment is made on different dates then Profit of Subsidiary is Divided between Pre & Post on the
basis of Step by Step Acquisition method.
2. Step by Step Acquisition Method :
Step 1 : Prepare separate AOP for each acquisition (assume each acquistiion as separate Question).
Step 2 : Minority Interest is calculated on last acquisition only.
Step 3 : If small investments are made at different dates then last acquisition is treated as Date of Acquisition.
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25. Multiple Subsidiary

Simple Subsidiary (each subsidiary is a direct holding)

Holding 75%
S1
Company

80%

S2

Following steps are applied :

Step 1 : Prepare AOP for each subsidiary separately.
Step 2 : Prepare cost of control in column form.
Step 3 : Prepare minority interest in column form.
Step 4 : Prepare consolidated Balance Sheet of each Subsidiary together.

Chain Subsidiary :
Holding 75%
S1 S2
Company

80% Moon
Sun Ltd.
Ltd.

30% 60%

Light
Ltd.

80% Moon
Sun Ltd.
Ltd.

70% 60%
20%
15%

Night 10% Light
Ltd. Ltd.

Following Steps are Applied

Step 1 : Identify lower subsidiary and analyze the profit of subsidiary.
Step 2 : Analyze Profit of upper subsidiary and before distribution of profit consider only revene profit
and reserve transferred from lower subsidiary.
[DO NOT CONSIDER CAPITAL PROFIT, because it is directly transferred to cost of control]

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Step 3 : Prepare cost of control in column form for each component separately (component means for
each Share Holding).
Step 4 : Calculate Minority Interest in Column Form.
Step 5 : Prepare Consolidated Balance Sheet.

Multiple Subsidiary with Multiple Holding (Very Easy)

Case 1 :
Holding Ltd.

Year 2005 75% Year 2006

y y
1.1.05 1.8.05 PL(800) 10% B Ltd.
80%

y y
1.1.05 1.8.05 PL 1920 1.09.06 1.12.06 C Ltd.

Case 2 :

Holding Ltd.

75% 80%
Year 2001

y y

1.1.01 1.4.01 1.11.01 B Ltd.

10%

y y
1.1.01 1.4.01 1.9.01 C Ltd.

Conclusion :
1. If investment of Holding Company in upper subsidiary is before upper subsidiary investment in lower subsidiary, then
Revenue Profit i Not Divided between Pre & Post. (For reference see E.g. 15).
2. If Holding Company investment in upper Subsidiary is after upper subsidiary investment in lower subsidiary,
then Revenue Profit (when Lower subsi. Profit trf. To upper Subsi.) is Divided in Pre & Post in the ratio of
time. (For reference see Eg. 16).
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26. Disposal of Shares

1. No Treatment is required in the books of Subsidiary company.
2. Holding must be revised after disposal of shares.
3. When consolidated A/c is prepared from individual a/c in that case treatment of disposal is made with
respect to AS - 13.
Calculation of Profit / Loss on Disposal (AS - 13)
Particulars Amount
Sale Consideration xxxx
Less : Cost of Investment (xxx)
(Original Cost - Pre. Dividend)
Profit / (Loss) xxxx
Note : If holding company has correctly apply AS - 13 then ignore, if not then rectification is needed.

4. Calculation of Profit in consolidation financial statement (AS - 21)

Particulars Rs. Amount
Sale Consideration xxx
Less : Share of Net Asset on Date of Disposal (xx) xxx
Less : Goodwill (xx)
Add : Capital Reserve xxx
xxx

5. If disposal is on proportionate basis then each item is proportionately adjusted (except sale consideration).

27. Cross Holding

Step 1 : Analysis of profit of Holding and subsidiary, with reference to DOA by holding in Subsidiary, (but do not
divide profits)
Step 2 : Apply simultaneous equation.
Step 3 : Transfer share of subsi. In holding to subsidiary AOP then divide profit of subsidiary into pre & post,
but do not transfer such profit to holding, because pre profit is transferred to cost of control & post profit
to Reserve and Surplus.
Step 4 : Cancel investment of subsidiary in holding while calculating cost of control.
Step 5 : In consolidated Balance Sheet share capital of Holding company is reduced by inter-company cancel-
lation.

28. Consolidated Profit & Loss A/c

1. Preparation of consolidated P&L is just addition of Income & Expenses of Holding & Subsidiary.
2. If there are any common Income or expense then it must be eliminated in cosolidated P&L.
3. Format of Consolidated P&L
Particulars Notes Amount
I. Revenue form Operations xxxx
II. Other Income xxxx
III. Total Revenue (I + II) xxxx
IV. Expenses
Consumption of Raw Material xxxx
Purchase of Stock in Trade xxxx
Change in Stock of WIP & finished goods xxxx
Employee Benefit Expenses xxxx
Finance Expenses xxxx

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Depreciation and amortization xxxx

Other Expenses xxxx
Total Expenses xxxx
V. Profit before Tax (III - IV) xxxx
VI. Tax Expenses
Current year xxx
Deferred xxx xxxx
VII. PAT from continuing Operations (V - VI) xxxx
Opening Balance xxxx
Total profit for appropriation xxxx
Stock Reserve xxx
Preference Dividend xxx
Proposed Eq. Dividend of Holding xxx
Minority interest in Equity Propose in Subsidiary xxx
Cost of Control xxx
Share of Pre-dividend from subsidiary xxx
Minority interest in Interim dividend xxx
Minority interest in Dividend Paid (Post) xxx (xxxx)
Transfer to Consolidated Balance Sheet xxxx

4. Tax expense is not calculated on consolidated basis, instead they are clubbed in consolidated BS

29. Consolidated Cash Flow Statement

1. Consolidated Cash Flow Statement is presented as per the requirement of AS - 3.
2. Format of Consolidated Cash Flow Statement is same as in case of AS - 3.
3. While consolidating cash flow intercompany cash flow are eliminated, by preparing working notes.

30. Consolidated Statement of Change in Equity)

y In this statement reconciliation is made for parent portion of Equity from beginning to end, and Minority
Interest..
y Format of Statement of Change in Equity
Particulars Holding Minority
Opening Balance xxx xxx
Additions :
Profit Earned xxx xxx
Share in Subsidiary xxx ----
Increase in % of Holding xxx ----
Decrease in % of Holding ---- xxx
Deletions :
Dividend paid (xx) ----
Proposed dividend (xx) ----
Increase in % of Holding ---- (xx)
Decrease in % of Holding (xx) ----
Closing Balance xxx xxx
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31. Miscellanous Point under AS 21

1. Short term Investment (creates Control)
In following case consolidation is Not Required :
(i) When, shares are purchases with objective of Short-term disposal for earning Profit.
(ii) Where there is restriction (long term) on transfer of funds to Holding.
2. Two Holding Companies :
(i) One controls composition of BOD
(ii) Another control the half of share capital
In that cse consolidate subsidiary in both books.
3. Consideration of convertible Preference Share Capital for purpose of control.

32 Associates AS - 23
(According for Investment in Associates in Consolidation Financial Statement)
A. Applicability
% Conso. Financial Individual FS
Statement
1. Up to 24% AS - 13 AS - 13
2. 20% to 50% AS - 23 AS - 13
3. More than 50% AS - 21 AS - 13
4. Joint Control AS - 27 AS - 13

B. Significant Influence
(i) When one company has 20% of the share capital of another but, not exceeding 50%.
OR
(ii) Has power to influence directors of another company.
Note : Equity Share capital + Preference Share Capital.
C. In consolidated FS Investor (Holding), should A/c Investment on Equity Method, (means investment on
revalued figure).
D. Application of Equity Method :
Step 1 : Calculate Goodwill / Capital Reserve on the Date of Investment. (Same as AS - 21).
Step 2 : Goodwill / Capital Reserve is not disclosed separately but included with value of Investment.
(amount is presented with in () ).
Step 3 : Investment is Increased by Share of Net Assets after acquisition (Post profit reserve), and
decreased by Post Loss.
In case investment cannot be less than 0.
Step 4 : Investment is also increased by Revaluation Reserve created after DOA or and Foreign
Exchange Gain.
Step 5 : Unrealized profit and loss are eliminated from value of Investment to the extent Investor Share.
Step 6 : Presentation of Investment
Particulars Amount
Cost of Investment (including Goodwill / CR) xxxx
Share in Post Profit after preference dividend of Investee xxxx
Pre-dividend received (xxx)
Post - Dividend received (xxx)
Proporationate Stock Reserve (xxx)
Total Revalued Investment (xxx)

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Step 7 : If Associates has outstanding cumulative preference share capital then preference dividend
must be deducted from Associates Profit.
Step 8 : No treatment is required for Equity Proposed Dividend of Associates.
If Entry has been journalized then it must be reversed.
Step 9 : Equity Method is not applied if Investment is :
1. Investment is temorarily.
3. There is long term vesting restrictions on transfer of Funds.
Note 1 : Assets and Liabilities of Associates are Not Consolidated.
Note 2 : Only Investment is revalued and counter is made with reserves.

33. Joint Venture

1. Meaning : It means contractual arrangements between 2 or more persons / companies / enterprises etc. To
carry-out some economic activity which is subject to joint control.
2. Types of Joint Venture :
(a) Jointly controlled operations
(b) Jointly controlled Assets
(c) Jointly control Entity.
3. Jointly Controlled Operations :
Meaning : In this method no separate entity is created, operation is conducted on combined basis by each
independent co-venture. Ratio of Profit Sharing Agreed.
Accounting of Such Joint Venture :
Step 1 : Prepare consolidated Profit & Loss Account.
Step 2 : In the Books of each co-venture prepare joint venture account.
4. Jointly Controlled Assets :
Meaning : In this method no separate entity is created each co-venture investment in the Assets and
recorded share in following :
In Individual Statement
(i) Share in Jointly controlled Assets
(ii) Expenses incurred in jointly controlled assets.
(iii) Share in Loan taken
(iv) Individual loan taken for purchase of assets.
(v) Share in recovery from Assets (e.g. Sale of Scrap, rent etc.)
(vi) Share in Depreciation.
Following steps are applied :
Step 1 : Prepare a Memorandum consolidated Balance Sheet for Assets.
Step 2 : In the Books of Each of co-venture prepare extract of P&L & Balance Sheet.

5. Jointly controlled Entity

1. Meaning : Separate entity is created for operations of joint venture.
2. Account Procedure :
Co-venture cannot recognize share of expenses and income, Assets & Liabilities in Individual Statement.
Only share of Profit is Recognised.
Joint venture beig a separate entity prepare own Balance Sheet & P/L.
In case each co-venture has different proportion in assets, expenses & Incomes then division can be
made while preparing Profit & Loss and Balance Sheet.
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Consolidation Procedure
Step 1 : Each co-venture should consolidated own share of Assets & Liabilities.
Step 2 : Analysis of Profit, cost of control is calculated same as in case of AS - 21.
Step 3 : Contra and Stock reserve are eliminated to the extent of venture share (proportionate)
Note : No minority itnerest arises.
3. Disposal of Investment : If after disposal of investment control is more than 50%.
4. Transsaction between venturer and joint venture
Venturer should not recognise own share of profit on any transaction of Purchase of Sale from Joint Venture.
5. Operator
Payment of remuneration to operator is treated as expense for joint venture and recognise in Profit and Loss
account of Joint Venture.

List of Revisionary Question from Holding Company

Example : 1, 9, 12, 15, 16, 17, 19, 23 & 28.
Questions : 3, 8, 9, 12, 13, 15, 17, 18, 21, 25, 27, 29, 32, 33, 34, 37, 38, 45, 46, 50, 58, 61, 62, 63, 65.

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