A P Ltd bought 40,000 shares in S1 Ltd and 27,000 shares in S2 Ltd on 31 December 2011. The following statements of financial position were drafted as at 31 December 2012. You are to draw up a consolidated statement of financial position as at 31 December 2012.

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E E 49,000 30,500 90,000 80,500 250,000 200,000 11,000 16,000 27,000 23,000 P Statement of Financial Position as at 31 December 2012 Investments in subsidiaries $1 Ltd 40,000 shares S2 Ltd 27,000 shares Non-current assets Current assets Share capital Retained profits: As at 31.12.2011 Add Profit for 2012 General reserve 250,000 S1 Statement of Financial Position as at 31 December 2012 Non-current assets Current assets 38,200 19,200 57,400 Share capital Retained profits: As at 31.12.2011 Less Loss for 2012 General reserve (as at 31.12.2011) 50,000 3,000 (1,600) 1,400 6,000 57,400