A P Ltd bought 55 per cent of the shares in S Ltd on 31 December 19X6. From the following balance sheets you are to draw up the consolidated balance sheet as at 31 December 19X7.

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P Balance Sheet as at 31 December 19X7 Investment in S Ltd: 2,750 shares Fixed assets Current assets Share capital Profit and loss account: As at 31.12.19X6 Add Profit for 19X7 4,850 13,150 13,500 31,500 30,000 900 600 1,500 31,500