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consolidated profit and loss

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

  • This topic has 1 reply, 2 voices, and was last updated 7 years ago by MikeLittle.
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  • November 29, 2015 at 11:32 am #286107
    mansoor
    Member
    • Topics: 424
    • Replies: 542
    • ☆☆☆☆

    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
    Keymaster
    • Topics: 26
    • Replies: 22706
    • ☆☆☆☆☆

    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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