Is it okay to set off receivables from minority shareholders aganist
minority share of profit at the balance sheet date.  

Can you be a little more specific? What is the  nature of the receivable? Is it in substance a reduction of the noncontrolling interest or is it a receivable that stems from a normal business transaction?

Do you want to eliminate the revenue from the transaction?
VeroniqueThanks for the note, please find the following.
Nature of receivables – Loan to minority shareholder (its a notmal businee transaction) 
In substance it is not a reduction of the controlling interest
Interested is recognized as interest income and added to the loan balance as receivable.