How to record subs asset transfer to parent comp

Subsidiary transfers Building to Parent Company, how to record on balance sheet(taxfiler)

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A subsidiary transfers a Building asset to Parent company so there is no gain/profit or loss as it is an inter company trasnaction (i use taxfiler to prepare the subs account and they have Asset cost b/f  of say, £200,000)
As the asset is transfered to the parent company, there'd be a credit entry to the asset disposal section.
But what is the exact line to place the Debit entry in the accounts of the subsidiary on taxfiler, as no cash is received?
 

 

Thankyou very much

Replies (2)

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By johngroganjga
08th May 2024 18:02

The inter-company account.

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paddle steamer
By DJKL
08th May 2024 18:13

What happened with legal conveyance/title?

Is there a sale agreement?

Accounts usually follow legal process.

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