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Permission to Dance Company completed the following transactions in the year to December 31, 2021: Transaction 1: Sold a car for P9,250 to the uncle of Permission to Dance 's finance director. Transaction 2: Sold goods to the value of P12,400 to Butter, a company owned by the daughter of Permission to Dance 's managing director. Butter has no other connection with Permission to Dance. Which transactions, if any, require disclosure in the financial statements of Permission to Dance under PAS 24 Related Party Disclosures? A. Transaction 2 only B. Neither transaction C. Both transactions D. Transaction 1 only

SWFT Comprehensive Vol 2020

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter6: Deductions And Losses: In General

Section: Chapter Questions

Problem 31CE

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Permission to Dance Company completed the following transactions in the year to December 31, 2021:

Transaction 1: Sold a car for P9,250 to the uncle of Permission to Dance 's finance director.

Transaction 2: Sold goods to the value of P12,400 to Butter, a company owned by the daughter of Permission to Dance 's managing director. Butter has no other connection with Permission to Dance.

Which transactions, if any, require disclosure in the financial statements of Permission to Dance under PAS 24 Related Party Disclosures?

A. Transaction 2 only

B. Neither transaction

C. Both transactions

D. Transaction 1 only

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