Page 430 - F3 -FA Integrated Workbook STUDENT 2018-19

Chapter 24

Example 2e

Extract from Hide and Seek example:

(iv) At the reporting date, Hide had a receivable due from Seek for $2,000,
and Seek had a payable due to Hide for the same amount.

Required:

Confirm the adjustment required to cancel the intra-group balances from
the amounts included in the statement of financial position and complete
the consolidated statement of financial posiotion for the Hide Group as
at 31 December 20X5.

Solution

Reduce receivables by $2,000 and reduce payables by $2,000.

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