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Investment in associates

Forums › ACCA Forums › ACCA FA Financial Accounting Forums › Investment in associates

  • This topic has 0 replies, 1 voice, and was last updated 11 months ago by emvee16.
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  • November 4, 2022 at 9:21 pm #670685
    emvee16
    Participant
    • Topics: 14
    • Replies: 67
    • ☆☆

    Hello
    Wanted to clarify, for the following journal entries relating to intra-group trading between parent and associate, what AMOUNT is supposed to be debited and credited?:

    If A sells to P:
    Dr. Group retained earnings (CSOFP)/ P’s share of A’s profit (CSOPL)
    Cr. Group inventory

    If P sells to A:
    Dr. Group retained earnings (CSOFP)/ cost of sales (CSOPL)
    Cr. Investment in associate

    Also, for the second journal entry why do we debit cost of sales when inventory is included within the associate’s closing inventory and not the parent’s?

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