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URP in SoFP and SoCI

Forums › ACCA Forums › ACCA FR Financial Reporting Forums › URP in SoFP and SoCI

  • This topic has 2 replies, 2 voices, and was last updated 15 years ago by alin2009.
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  • May 4, 2010 at 11:08 am #43725
    alin2009
    Member
    • Topics: 4
    • Replies: 4
    • ☆

    Subsidiary sold goods to Parent company. How should it be reflected in SoCI and SoFP?
    Tnank you in advance,

    May 4, 2010 at 1:06 pm #59943
    kingnasha
    Member
    • Topics: 1
    • Replies: 29
    • ☆

    Lets add some figures to your question to make it more understandable. Suppose the subsidiary sold goods costing $100,000 for $120,000 to the parent and 50% of those goods are still in the books of the parent (are unsold by the parent). The parent holds 60% shares of the subsidiary.

    So in the SOCI the figures of revenue and cost of sales will be reduced by 120,000. Then the cost of sales will be added back by the URP which in this case will be 10,000, so overall the cost of sales will reduce by 110,000.

    Now in the SOFP, the CRE and NCI will be debited by the URP according to thier share and the Inventory will be credited:
    Dr. CRE 6,000
    Dr. NCI 4,000
    Cr. Inventory 10,000

    May 5, 2010 at 11:20 am #59944
    alin2009
    Member
    • Topics: 4
    • Replies: 4
    • ☆

    Thank you.

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