You are required to draw up a consolidated SOFP from the following information:

P Statement of Financial Position as at 31.12.19

Investments in subsidiaries:

S1 37,500 shares bought 31.12.1858,000

S2 22,500 shares bought 31.12.1834,500

Non-current assets55,000

Current assets

Inventory 6,500

Receivables15,500

Bank 3,000 25,000

Creditors11,500

161,000

Share capital150,000

Retained Profitas at 31.12.18 11,000

Loss as at 31.12.19 3,5007,500

General reserve3,500

161,000

S1 Statement of Financial Position as at 31.12.19

Non-current assets31,500

Current assets

Inventory15,500

Receivables8,500

Bank 1,500 25,500

Creditors8,000

49,000

Share capital37,500

Retained Profitas at 31.12.18 5,500

Retained profit as at 31.12.196,00011,500

49,000

S2 Statement of Financial Position as at 31.12.19

Non-current assets33,400

Current assets

Inventory11,000

Receivables7,500

Bank2,000 20,500

Creditors5,500

48,400

Share capital40,000

Retained Profitas at 31.12.18 6,400

Loss as at 31.12.19 1,2005,200

General reserve as at 31.12.18 3,200

48,400

As at 31.12.19 S1 owed P 1,000 and S2 250. P owed S2 900.

P had sold goods to S2 which had cost 1,000 for 1,600. Of these goods, half had remained unsold by S2 at the year end.