FAC3762 International Group And Financial Accounting
Exam (elaborations)
FAC3762 EXAM PACK 2020 SOLUTION
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Course
FAC3762 International Group And Financial Accounting
Institution
University Of South Africa (Unisa)
Book
Financial Accounting with International Financial Reporting Standards
Exam study book Financial Accounting with International Financial Reporting Standards of Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso - ISBN: 9781119504306 (Detailed memo.)
Accounting Categories (Debit and Credit Balances) - Financial Accounting (FAC)
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University of South Africa (Unisa)
FAC3762 International Group And Financial Accounting
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OCTOBER –
NOVEMBER
2020
, SOLUTION 1: CONSOLIDATION OF A GROUP OF
ENTITIES & RELATED PARTIES
(a) To: Financial Director (Gen Z Ltd)
From: M.R.J.K
Date: 26 September 2016
Subject: Related Parties of Gen Z Ltd
The above subject matter refers.
The following will be regarded as the related parties of Gen Z Ltd:
i. Hadeda Ltd is a related party of Gen Z Ltd because Hadeda Ltd is a
subsidiary of Gen Z Ltd;
ii. Spartan Ltd is a related party of Gen Z Ltd because Spartan Ltd is a joint
venture of Gen Z Ltd;
iii. Robin Ltd is a related party of Gen Z Ltd because Robin Ltd is a sub –
subsidiary of Gen Z Ltd;
iv. David Warne is a related party of Gen Z Ltd as he is the Chief Executive
Officer of Gen Z Ltd, a key member of management personnel of Gen Z Ltd;
v. Zetari Trust is a related party of Gen Z Ltd as it is a post – employment
benefit plan of Gen Z Ltd; and
vi. Shane du Plessis is a related party of Gen Z Ltd as, he is the father of David
Warne, a key member of the management personnel of Gen Z Ltd.
(b) Extract of the Consolidated Statement of Profit or Loss & Other
Comprehensive Income of the Gen Z Ltd Group for the year ended 31 May
2020
R
Profit for the year [1 301 631 + 518 573 + 180 695 − 2 958 − 118 125 −
995 + 27 582] 1 906 403
Other comprehensive income 7 113
Fair value adjustment on land 6 500
Share of fair value adjustment of land in associate 613
Total comprehensive income 1 913 516
Profit for the year attributable to:
Owners of the parent (1 906 403 − 1 822 799) 1 822 799
NCI (28 911 + 51 857 + 2 836) 83 604
1 906 403
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