The S Company owns 95% of the G Company. On the last day of the accounting...

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The S Company owns 95% of the G Company. On the last day of the accounting period G sold to S a non-current asset of P230,000. The asset originally cost P480,000 and at the end of the reporting period its carrying amount in G's books was P175,000. The group's consolidated statement of financial position has been drafted without any adjustments in relation to this non-current asset. What adjustments should be made to the consolidated statement of financial position figures for non-current assets and retained earnings? The S Company owns 95% of the G Company. On the last day of the accounting period G sold to S a non-current asset of P230,000. The asset originally cost P480,000 and at the end of the reporting period its carrying amount in G's books was P175,000. The group's consolidated statement of financial position has been drafted without any adjustments in relation to this non-current asset. What adjustments should be made to the consolidated statement of financial position figures for non-current assets and retained earnings?

Answer rating: 100% (QA)

To determine the adjustments that should be made to the consolidated statement of financial position ... View the full answer