From the following statements of financial position and further information you are to draw up a consolidated statement of financial position as at 31 December 2012.

During the year Parent Ltd had sold to Subsidiary Ltd for $£ 70,000$ a non-current asset which had cost it $£ 60,000$. Subsidiary Ltd has written off $20 \%$ of the amount it paid, i.e. $£ 14,000$ as depreciation for 2012 .

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Parent Ltd Statement of Financial Position as at 31 December 2012 Non-current assets Investment in Subsidiary: 400,000 shares bought 31.12.2011 Other non-current assets 650,000 450,000 Less Depreciation Current assets Share capital Retained profits: As at 31.12.2011 Add Profit for 2012 (200,000) 250,000 90,000 990,000 800,000 150,000 40,000 190,000 990,000 Subsidiary Ltd Statement of Financial Position as at 31 December 2012 Non-current assets 370,000 Less Depreciation (102,000) 268,000 Current assets 240,000 508,000 Share capital Retained profits: As at 31.12.2011 Add Profit for 2012 400,000 60,000 48,000 108,000 508,000