(Answered) Chancellor limited provided a loan of 1 500 000 to its

Accounting

Chancellor Limited provided a loan of $1 500 000 to its subsidiary Park Limited. On consolidation, which of the following adjustments is needed in relation to this intragroup loan?

I. No adjustment needed

II. Dr Loan receivable from subsidiaries $1 500 000

Cr Loan payable to parent $1 500 000

III. Dr Loan payable from parent $1 500 000

Cr Loan receivable from subsidiaries $1 500 000

IV. Dr Loan payable to parent $1 500 000

Cr Cash $1 500 000

View complete question

Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92635188
Price:- $10

Verified Expert

Priced at $20 Now at $10, Verified Solution

Have any Question?Write your Review or question?

Related Questions in Accounting Basics

Question instructions provide complete answers to the

Question: Instructions: Provide complete answers to the following two problems: 1. Prepare the General Ledger journal entries for the General Fund for the Village of Bath for the year ended December 31, 2017. • The budge ...

Question - lana operates a real estate appraisal service

Question - Lana operates a real estate appraisal service business in a small town serving local lenders. After noting that lenders must pay to bring in a surveyor from out of town, she completes a course and obtains a su ...

Assessment task select two public limited companies listed

Assessment task: Select two public limited companies listed on the Australian Securities Exchange (ASX) that are in the same industry. Go to the website of your selected companies. Then go to the Investor Relations secti ...

Question - given2018 pretax accounting income 4000002018

Question - Given 2018 Pretax Accounting Income: $400,000 2018 Municipal Bond Interest Income Included in Pretax Accounting Income: $20,000 2018 Warranty Expense of $70,000 for Accounting Purposes 2018 Actual Warranty Cos ...

Question - marvin services corporation had the following

Question - Marvin Services Corporation had the following accounts and balances: Accounts payable $12,000 Equipment $14,000Accounts receivable 2,000 Land14,000 Buildings? Unearned service revenue 4,000 Cash 6,000 Total st ...

Question - dillons camping equipment was burglarized on

Question - Dillon's Camping Equipment was burglarized on 3/10/15. It is unclear how many items were stolen. Dillon and its insurance company are currently working to estimate the dollar value of the stolen goods in order ...

Auditing assignment -assessment taskthe aim of the group

Auditing Assignment - Assessment Task: The aim of the group assignment is to test students' ability to integrate skills learnt in Auditing and Assurance Services to analyse a real company from the auditor's perspective a ...

Question - during 2014 robbys camera shop had sales revenue

Question - During 2014, Robby's Camera Shop had sales revenue of $170,000, of which $75,000 was on credit. At the start of 2014, Accounts Receivable showed a $16,000 debit balance, and the Allowance for Doubtful Accounts ...

Question - what is the present value on january 1 2016 of 7

Question - What is the present value on January 1, 2016, of 7 equal future annual receipts of $30,000 if the first receipt is received on January 1, 2016, and the interest rate is 10% compounded annually?

Question - blue co reported 150000 of net income for 2017

Question - Blue Co. reported $150,000 of net income for 2017. The accountant, in preparing the statement of cash flows, noted the following items occurring during 2017 that might affect cash flows from operating activiti ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Accounting Basics Expert