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I would like to ask if the workings for the calculation required to be clearly stated in question 1 a? And also the explaination ..although it doesn’t need any in q1(a) but is it ok to write for the purpose of getting some marks if I am in a position of marginal fail?
intra-group sales must be eliminated therefore debit (w5) retained earnings to reduce group”s sales & credit receivables to eliminate balance owed by parent”s subsidiary.
This should or should not be written in the csofp??
Or we just need to record
Dr….
Cr….
And that’s enough??@dota3310 said:
intra-group sales must be eliminated therefore debit (w5) retained earnings to reduce group”s sales & credit receivables to eliminate balance owed by parent”s subsidiary.
This should or should not be written in the csofp??
Or we just need to record
Dr….
Cr….
And that’s enough??@anon39 said:
HiNo there are no marks for explaining workings, besides there won’t be any time, marks are awarded for using correct technique to calculate & plugging in figure in correct section of consolidated statement.
The technique is to layout the template of whatever consolidated statement has been asked for.
Then to layout each working leaving space to plug the figures in, work through each paragraph in the question plugging in the relevant info into each working & ticking off once dealt with that bit of info.
Once you have finished dealing with all paragraphs & plugged all figures into each working, total them up & transfer them to the applicable heading on the consolidated statement.
DON’T add down & total statement, no marks for this & probably won’t balance.
If taking exam next month, likely to be an sofp so remember with this statement the double entries, e.g intra-group sales must be eliminated therefore debit (w5) retained earnings to reduce group”s sales & credit receivables to eliminate balance owed by parent”s subsidiary.
The explanations are needed for others sections to Q1, ethics & Section B questions.
Best of luck.
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