As 27
This query is : Resolved
riteshnandi
(Querist)
18 November 2009
A company sold assets to its joint venture entity n book the profit in its sfs.n company dont have its subsidiary means As 21 wil not be attracted therefore As 27 wil also nt be applied.so wht abt profit book in company sfs.as one cant make profit out of him.if no treatment is done so above assumption wil nt hold gooeA
shakuntala chhangani
(Expert)
28 November 2009
Hi Ritesh, A joint venture is a separate entity like subsidiary and associate. only when we prepare group A/c we remove internal profits considering the whole group as one and the same but otherwise, legally, all the group entities have their own identity. so there is no question of dealing with the self. Regards, CA Shakuntala Chhangani
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