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The subsidiary company of Group XY has purchased £150,00 worth of goods its parent company. However the goods purchased have yet to arrive at the subsidiary at the end of the financial year 20X4, meaning there is

a disagreement in the current account balances between the parent and subsidiary.

With Group XY looking to produce its CSOFP for the end of the financial year, which of the following statements are true in relation to accounting for this disagreement? Select ALL that apply.

Options:

The adjustments to resolve this disagreement, need to be accelerated, so they can be included in the consolidation of assets for the CSOFP for 20X4

£150,000 worth of inventory will be debited into the subsidiary's inventory account

As the goods have not reached the subsidiary by the end of the financial year 20X4, they will be included in the CSOFPfor the next financial year

£150,000 worth of inventory will be credited into the subsidiary's inventory account

£150,000 will be debited to the payables account of the parent company

£150,000 will be credited to the payables account of the subsidiary company

£150,000 will be credited into the receivables account of the parent company

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Question 2

EF purchased an asset on 1 September 20X4 for $800,000, exclusive of import duties of $30,000. EF is resident in country Y where indexation is allowed on purchase costs when the asset is disposed of.

EF sold the asset on 31 August 20X9 for $1,500,000 incurring transaction charges of $20,000. The indexation factor increased by 40% in the period from 1 September 20X4 to 31 August 20X9.

Capital gains are taxed at 30%.

What is the tax due on disposal of the asset?

Options:

$108,000

$101,400

$102,600

$95,400

Question 3

In accordance with IAS 1 Presentation of Financial Statements, which of the following will be shown in the statement of changes in equity?

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