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Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › consolidated profit and loss
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
The 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