consolidated profit and loss

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November 29, 2015 at 11:32 am #286107
mansoor
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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
November 29, 2015 at 9:53 pm #286223
MikeLittle
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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
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