hopefully this is last of my dumb questions.
P transfers plant at 5m when the its cv is 4m
my question is:
if i use
COS= (cv with transfer - cv without transFer)
is this the same as
COS = profit on sale - adjusted depreciation based on the profit
Ask the Tutor ACCA FR
consolidated profit and loss
10y ago#1The adjustment is Dr Retained Earnings $1, Cr TNCA $1
Nothing to do with cost of sales unless it has been accounted for through cost of sales in which case you will need to adapt the entry that has been recorded to arrive at the above entry
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