the lenders of company SEF seized the company due to its poor performance and gave company TA mandate to operate company SEF for 8 months. In the 8 months TA generated surplus of shillings 28 million. After 8 months, under agreement with lenders of SEF, company TA handed-over company SEF to TA's subsidiary company TMF. The surplus was also handed over to TMF. How do we record this amount in the books of TMF? Is it 'advance towards share capital, or share capital?
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accounting for surplus generated by acquired company
Replies (1)
for the 8 months SEF reserves and surpluses would go up by 28 million , while consolidating final accounts , u need to make appro adjustments
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