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Associates – BPP chap10 Activity 3

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › Associates – BPP chap10 Activity 3

  • This topic has 2 replies, 2 voices, and was last updated 1 year ago by P2-D2.
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  • March 17, 2021 at 8:26 am #614578
    james8500
    Member
    • Topics: 48
    • Replies: 9
    • ☆☆

    Dear Sirs,

    Associate sells to parent therefore P holds inventory at year end.

    Therefore, I think adj should be:
    Dr Group RE/share of profit of associate (PL) 60,000
    Cr group Inventory 60,000

    NB: In OT video, Chris says not reduce investment in associate (SFP) when A sells to P.

    BPP solution:
    Dr Group RE/share of profit of associate 60,000
    Cr investment in associate 60,000

    Why is BPP not getting rid of unrealised profit held in inventory at ye?

    Thank you

    March 17, 2021 at 8:29 am #614579
    james8500
    Member
    • Topics: 48
    • Replies: 9
    • ☆☆

    FYI this is in the FR workbook p.249

    March 17, 2021 at 7:49 pm #614638
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 6440
    • ☆☆☆☆☆

    james8500 wrote:Dear Sirs,

    Technically what I’ve done is correct but to make it easier the standard entry for associate PUPs is to DR Retained earnings CR Inventory as it then matches what is done for a PUP between P and S.

    Thanks

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