Richway Company owns 65% of the Highlands Company. On December 31, 2021, the last day of the accounting period, Venus sold to Highlands a noncurrent asset for 1,000. The asset's original cost was P2,500 and on December 31, 2021, its carrying amount in Venus books was P800. The group's consolidated statement of financial position has been drafted without any adjustments in relation to this non-current asset. Under PAS consolidated and separate financial statements, what adjustments should be made for the consolidated statement of financial position figues for non-current assets and non-controlling interest? Non-Current Assets Non-controlling Interest A. Increase by P1,500 Increase by P 525 B. Reduce by P200 No change C. Reduce by P200 Reduce by P 70 D. Increase by P1,500 No change
Richway Company owns 65% of the Highlands Company. On December 31, 2021, the last day of the accounting period, Venus sold to Highlands a noncurrent asset for 1,000. The asset's original cost was P2,500 and on December 31, 2021, its carrying amount in Venus books was P800. The group's consolidated
Under PAS consolidated and separate financial statements, what adjustments should be made for the consolidated statement of financial position figues for non-current assets and non-controlling interest?
Non-Current Assets Non-controlling Interest
A. Increase by P1,500 Increase by P 525
B. Reduce by P200 No change
C. Reduce by P200 Reduce by P 70
D. Increase by P1,500 No change
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