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individual qualification of set of standards on such companies.
In the given case it has been mentioned that the financials of Iktara Ltd. are prepared as per Ind AS.
Accordingly, the results of its subsidiary Softbharti Pvt. Ltd. should also have been prepared as per Ind AS.

However, the financials of Softbharti Pvt. Ltd. Have been presented as per accounting standards (AS).
Hence, it is necessary to revise the financial statements of Softbharti Pvt. Ltd. as per Ind AS after the
incorporation of necessary adjustments mentioned in the question.
The revised financial statements of Softbharti Pvt. Ltd. as per Ind AS and Division II to Schedule III of the
Companies Act, 2013 are as follows:

STATEMENT OF PROFIT AND LOSS
st
for the year ended 31 March, 2020
Particulars Amount (Rs.)
Revenue from operations 10,00,000
Other Income (1,00,000 + 20,000) (refer note -1) 1,20,000
Total Revenue 11,20,000
Expenses:
Purchase of stock in trade 5,00,000
(Increase) / Decrease in stock in trade (50,000)
Employee benefits expense 1,75,000
Depreciation 30,000

Other expenses 90,000
Total Expenses 7,45,000
Profit before tax 3,75,000
Current tax 1,25,700
Deferred tax (W.N.1) (1,200)
Total tax expense 1,24,500
Profit for the year (A) 2,50,500
OTHER COMPREHENSIVE INCOME
Items that will not be reclassified to Profit or Loss:
Remeasurements of net defined benefit plans 1,000
Tax liabilities relating to items that will not be reclassified to Profit or Loss
Remeasurements of net defined benefit plans (tax) [1000 x 30%] (300)
Other Comprehensive Income for the period (B) 700
Total Comprehensive Income for the period (A+B) 2,51,200

BALANCE SHEET
st
as at 31 March, 2020
Particulars (Rs.)

ASSETS
Non-current assets
Property, plant and equipment 1,00,000
Financial assets
Other financial assets (Long-term loans & advances) 40,000
Deferred tax asset (1200-300) 900
Other non-current assets (capital advances) (refer note-2) 50,000
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