A Company sold inventory to B Company, its $90\%-$owned subsidiary. The sale is on account and remain outstanding as of the reporting$-$period. How should the intercompany receivable and payable be presented in the consolidated statements?

Both receivable and payable will be eliminated in full

A Company should present only $90\%$ of the receivable in the consolidated statement of financial position

The receivable in the book of A and payable in the book of $B$ will be forwarded in full in the consolidated statement of financial position

The receivable in the book of A will be forwarded in full and payable in the book of B will be prorated only to $90\%$ in the consolidated statement of financial position

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Mike, Miko, Michael and Mikhael formed a partnership several years ago. They have decided to terminate operations and liquidate the business. The following balance sheet is drawn up as a guideline for this process:

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