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Just a quick question, when you are working out the Consolidated Retained Earnings (w3) why do you only cancel the loan note interest and not the loan note itself?
This is in regards to your revision lecture. I assume I should always be cancelling the loan notes between the parent and sub?
Because the loan note liability features in the statement of financial position, not in the statement of profit or loss
Only the loan interest affects retained earnings, not the loan itself