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INCOME STATEMENTa) Ignore the sales, cost of sales and the expenses of the associate company. However, premium or goodwill arising on acquisition of associate company should be computed the normal way as that of the subsidiary company incase of any impairment, then it should be included in the investing company’s expenses.
b) The investing company should report its share of profit before tax in associate company as part of other incomes and its hare of tax in associate company as part of its income tax expense. Alternatively, the investing company can show its share of profit after tax in associate company as other incomes.c) Just like in subsidiary companies the retained profits b/d of the investing company will be made up of the investing company’s retained profits b/d of the associate company. Adjustments for previously impaired goodwill or premium should be made at this stage.
PROPERTY IN BANKRUPT'S REPUTED OWNERSHIP The trustee may claim property owned by third parties which is in the bankrupt's possession at the commencement of the bankruptcy if:
what are types of accounting concepts
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The Rohr Company's old equipment for making subassemblies is worn out. The company is considering two alternatives: a) Completely replacing the old equipment with new equipment
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