PLtd bought 40,000 shares in S1 Ltd and 27,000 shares in S2 Ltd on 31 December 20X2. The following balance sheets were drafted as at 31 December 20X3. You are to draw up a consolidated balance sheet as at 31 December 20X3.

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Investments in subsidiaries S1 Ltd 40,000 shares S2 Ltd 27,000 shares Fixed assets Current assets Share capital Profit and loss account: As at 31.12.20X2 Add Profit for 20X3 General reserve P Balance Sheet as at 31 December 20X3 £ 11,000 16,000 £ 49,000 30,500 90,000 80,500 250,000 200,000 27,000 23,000 250,000