Two years after Voss Limited acquired a 30 per cent holding in its associate Warren Limited,the following journal entry appeared in the consolidated accounts of Voss Limited at the end of 20X7/20X8. 
Which of the following statements are correct?
A) Voss Limited is a parent entity.
B) Warren Limited revalued its Land upwards by $90,000 in 20X7-20X8.
C) This entry will be passed only in this current year if there are no future revaluations made by Warren Limited.
D) Voss Limited is a parent entity and Warren Limited revalued its Land upwards by $90,000 in 20X7-20X8.
E) Voss Limited is a parent entity and this entry will be passed only in this current year if there are no future revaluations made by Warren Limited.
Correct Answer:
Verified
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