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Dec 2013 Q1 (I) RMM

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AAA Exams › Dec 2013 Q1 (I) RMM

  • This topic has 3 replies, 2 voices, and was last updated 8 years ago by MikeLittle.
Viewing 4 posts - 1 through 4 (of 4 total)
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  • August 23, 2016 at 11:41 am #334713
    amelia85
    Member
    • Topics: 34
    • Replies: 53
    • ☆☆

    Hi sir for this question

    The inventory is in transit to my understanding it should be in Zennor company’s Financial statement (FS) if not the group inventory will be understated.

    Then if group sell inventory to Zennor co(ZC). There will be a profit in the group revenue hence profit should be eliminated from the revenue in group FS.

    If group sell on credit to ZC the receivables and payables of the individual FS if not group receivables and payables will be overstated.

    Pls advice thanks

    August 23, 2016 at 2:16 pm #334749
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23327
    • ☆☆☆☆☆

    This is a question for F7 (if not for F3!)

    Goods in transit?

    Accelerate them for accounting purposes to the records of the recipient

    Now, eliminate revenue and cost of sales from the GROUP trading account

    And also make adjustment for the pup in the records of the selling entity … for the purposes of the preparation of the consolidated financial statements

    Selling on credit? Eliminate the intra-group receivables and payables from the consolidation

    Does that make it better?

    August 24, 2016 at 8:26 am #334867
    amelia85
    Member
    • Topics: 34
    • Replies: 53
    • ☆☆

    K Sir thanks for helping me to recap 🙂

    August 24, 2016 at 8:49 am #334878
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23327
    • ☆☆☆☆☆

    You’re welcome

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