holding company has purchased fixed assets for wholly owned subsidiary company and booked as its own assets in the books of holding company. in this case, whether it is right or wrong? anybody please advise...
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Wholly owned subsidiary company
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In my view, its wrong because if assets are purchased for Subsidiary and will be used by subidiary, then its should be booked in Subsidiary books & charge depreciation accordingly.
That's why we prepared accounts seperately also.
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