P Ltd buys 70 per cent of the shares of \(S\) Ltd on 31 December 19X8. The balance sheets of the two companies on 31 December 19 X9 are as follows. You are to draw up a consolidated balance sheet as at 31 December \(19 \mathrm{X} 9\).

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P Balance Sheet as at 31 December 19X9 Investment in S Ltd: 7,000 shares bought 31.12.19X8 Fixed assets Current assets Share capital Profit and loss account: As at 31.12.19X8 Add Profit for 19X9 General reserve 7,800 39,000 22,200 69,000 50,000 4,800 9,200 14,000 5,000 69,000