A P Ltd bought 40,000 shares in S1 Ltd and 27,000 shares in S2 Ltd on 31 December 19X2. The following balance sheets were drafted as at 31 December 19X3. You are to draw up a consolidated balance sheet as at 31 December 19X3.

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P Balance Sheet as at 31 December 19X3 Investments in subsidiaries S1 Ltd 40,000 shares S2 Ltd 27,000 shares Fixed assets Current assets 49,000 30,500 90,000 80,500 250,000 Share capital 200,000 Profit and loss account: As at 31.12.19X2 11,000 Add Profit for 19X3 16,000 27,000 General reserve 23,000 250,000