Any amount owed by one member of a group to another needs to be cancelled when preparing the Consolidated Statement of financial posiition. As at the year-end the parent’s receivable includes £90 due from the subsidiary; whereas the subsidiary reports that it owes only £60 to the parent. The difference has arisen because of cash in transit. Which is the correct way of dealing with the situation when preparing the Consolidated Statement of financial position?

(a) Cancel £90 from parent’s receivable, £60 from subsidiary’s payable and include £30 with cash

(b) Cancel £60 from both receivable and payable

(c) Cancel £90 from both receivable and payable

(d) Cancel £90 from receivable and £60 from payable