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Retained Earnings on Incorporation

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › Retained Earnings on Incorporation

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  • January 24, 2018 at 11:59 am #432619
    suewalker2605
    Member
    • Topics: 6
    • Replies: 4
    • ☆

    Am I correct in my understanding…..if a company is acquired on its incorporation then in Working 2 there will be no retained earnings???

    Thank you

    January 24, 2018 at 12:04 pm #432621
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23203
    • ☆☆☆☆☆

    That is correct – there has been no time for this new company to have done any transactions so no profits could have been made as at date of incorporation / acquisition

    OK?

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