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Any amount owed by one member of a group to another needs to be canceled when preparing the consolidated statement of financial position. As of the year-end, the parent’s receivable includes ₹ 90,000 due from the subsidiary; whereas the subsidiary reports that it owes only ₹ 60,000 to the parent. The difference has arisen because of cash in transit. Which is the correct way of dealing with the situation when preparing the consolidated statement of financial position

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Any amount owed by one member of a group to another needs to be canceled when preparing the consolidated statement of financial position. As of the year-end, the parent’s receivable includes ₹ 90,000 due from the subsidiary; whereas the subsidiary reports that it owes only ₹ 60,000 to the parent. The difference has arisen because of cash in transit. Which is the correct way of dealing with the situation when preparing the consolidated statement of financial position






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