QUESTION TWO [30] Padel Craze (Pty) Ltd is a company owned by Rob Barbel. Rob Barbel built four indoor padel courts in the region of Umhlanga, KwaZulu Natal. The padel craze has taken the province by storm and Rob has seen a huge growth in his company. Padel Craze (Pty) Ltd also sells all padel related gear. Racket Revolution (Pty) Ltd is a newly formed company that sells or hires out padel rackets and balls. . At date of incorporation of Racket Revolution (Pty) Ltd (1 January 2022), Padel Craze (Pty) Ltd acquired 80 000 ordinary shares of 25c each in Racket Revolution (Pty) Ltd. The following represented the trial balances of Padel Craze (Pty) Ltd and Racket Revolution (Pty) Ltd at 31 December 2023: Padel Craze Racket Revolution R R Credits Ordinary shares of 25c each 100 00 25 000 Retained earnings 35 000 27 200 Trade and other payables 45 000 25 000 Accumulated depreciation 43 000 32 000 Non- distributable reserve - Revaluation of land and buildings 25 000 12 000 Interest bearing borrowing - Party Times -50 000 Bank overdraft - Netbank 50 000 - 1 Debits Land and buildings at valuation 100 000 33 500 Plant and equipment at cost price 55 000 85 000 Trade and other receivables 10 000 13 000 Bank - Glass Bank - 23 000 Inventories 34 000 17 000 Loan - Racket Revolution 75 000 - Investment in Racket Revolution 24 000 - Additional information: 1. Since Padel Craze (Pty) Ltd acquired its interest in Racket Revolution ( Pty) Ltd, Padel Craze (Pty) Ltd has purchased all its inventories from Racket Revolution (Pty) Ltd. Racket Revolution (Pty) Ltd sells all its inventories at cost plus 25 %. On 31 December 2022 Party Times (Pty) Ltd had R40 000 inventories on hand. 2. Padel Craze (Pty) Ltd posted a cheque of R25 000 to Racket Revolution (Pty) Ltd on 25 December 2023. The cheque was misplaced in the post and therefore cancelled. 3. Assume cost price equals fair value. Required: Draft the consolidated balance sheet of Padel Craze (Pty) Ltd and its subsidiary for the year ended 31 December 2023.