When Parent Undertakings Ltd took control of Sons and Co Ltd it valued the fixed assets at 31.12.20X7 at £75,000 instead of £60,000 as shown.

Draw up the consolidated balance sheet as at 31 December 20X8.

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Parent Undertakings Ltd Balance Sheet as at 31 December 20X8 Investment in Subsidiary: 40,000 shares bought 31.12.20X7 Fixed assets Less Depreciation for year Current assets Share capital Profit and loss: As at 31.12.20X7 Add Profit for 20X8 £ 80,000 (8,000) 32,000 10,000 £ 68,000 72,000 12,600 152,000 110,000 42,000 152,000