PURP

Question 1

PURPS - With Subsidiaries

Double entry when Parent sells to subsidiary?

Answer 1

Credit Group inventory on SOFP
Debit RE of Parent on W5

Question 2

PURPS - With Subsidiaries

Double entry when subsidiary sells to parent

Answer 2

Credit group inventory on SOFP
Debit RE of Sub on W2 of SOPF & COS on P&L

Question 3

PURPS - With associates

Double entry when parent sells to associate?

Answer 3

Debit RE of Parent on W5/COS of P on P&L
Credit Investment in associate

Question 4

PURPS - With associates

Double entry when associate sells to parent

Answer 4

Credit Group inventory on SOFP
Debit RE of parent on SOFP / Share of profit on P&L