The following are the trial balances of ATH Ltd, GLE Ltd, and FRN Ltd as at 31 December 2008.

ATH Ltd acquired the shares in FRN Ltd on 31 December 2006, when the credit balance on the profit and loss account of FRN Ltd was £700, and acquired the shares in GLE Ltd on 31 December 2007. No dividend was paid by either ATH Ltd or GLE Ltd for the year 2007.
The sales of GLE Ltd for 2008 (£116,000) include £1,000 for goods sold to FRN Ltd and this amount has been debited to purchases account in the books of FRN Ltd.
All these goods were sold by FRN Ltd during 2008.

Required:
A consolidated trading and profit and loss account for the year 2008 and a consolidated balance sheet as on 31 December 2008 (not necessarily in a form for publication).
Ignore depreciation of fixed assets and taxation.

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ATH Ltd GLE Ltd FRN Ltd Ordinary share capital (shares of 1 each, fully paid) Profit and loss account - balance at 31.12.2007 Current liabilities 100,000 30,000 20,000 15,600 6,000 1,900 20,750 15,900 18,350 Sales 194,000 116,000 84,000 Dividend received from GLE Ltd 1,200 331,550 167,900 124,250 Fixed assets 45,000 29,000 25,000 Current assets 46,000 27,500 17,500 24,000 ordinary shares in GLE Ltd at cost 33,700 20,000 ordinary shares in FRN Ltd at cost 21,250 Cost of goods sold 153,000 87,000 63,000 General expenses 32,600 22,900 18,750 Dividend for 2008, paid on 31.12.2008 1,500 331,550 167,900 124,250