The following are the summarised balance sheets of P Ltd and S$ Ltd at 31 December 19X6.

Required:
Prepare a consolidated balance sheet for P Limited and its subsidiary $ Limited at 31 December 19X6.

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Tangible fixed assets (see note (a)) Loan to S Ltd Investment in S Ltd Current assets: Stocks Debtors Bank P Limited S Limited 320,000 360,000 50,000 250,000 110,000 50,000 100,000 40,000 30,000 10,000 240,000 100,000 Creditors: amounts falling due within one year: Trade creditors Proposed preference dividend 190,000 22,000 8,000 (190,000) (30,000) Total assets less current liabilities 670,000 430,000 Capital and reserves: Ordinary shares of 1 each, fully paid 500,000 200,000 8% preference shares of 1 each, fully paid 100,000 Reserves 170,000 80,000 Loan from P Ltd 50,000 670,000 430,000 Notes: (a) Tangible fixed assets: P Limited Cumulative Cost Depreciation Buildings 120,000 10,000 WDV 110,000 Plant and machinery 200,000 40,000 160,000 Motor vehicles 80,000 30,000 50,000 400,000 80,000 320,000