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FAC3762 - Joint Ventures
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Excel document containing an exam template for the content covered in the course.
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1 INTER COMPANY TRANSACTIONS2 REVERSE ADJUSTMENTS TO FAIR VALUE OF INVESTMENT
3 AT ACQUISITION
4 ADJUSTMENT SINCE ACQUISITION TO BOY
5 ADJUSTMENT FOR CURRENT YEAR
6 INSOLVENT ASSOCIATES
, 1. INTER COMPANY TRANSACTIONS
Adjustment for unrealised profit in inventory (upstream - A makes the profit)
From acquisition to BOY:
Retained earnings (SCE) X
Inventories (SFP) X
Deferred tax (SFP) X
Retained earnings (SCE) X
For the current year:
Inventories (SFP) x
Profit from associate (PL) x
Profit from associate (PL) x
Deferred tax (SFP) x
Being the reversal of the entry for the previous year
Profit from associate (PL) x
Inventory (SFP) x
Deferred tax (SFP) x
Profit from associate (PL) x
Adjustment for unrealised profit in inventory (downstream - H makes the profit)
From acquisition to BOY:
Retained earnings (SCE) x
Investment in associate (SFP) x
Investment in associate (SFP) x
Retained earnings (SCE) x
For the current year:
Investment in associate (SFP) x
Cost of sales (PL) x
Income tax expense (PL) x
Investment in associate (SFP) x
Being the reversal of the entry for the previous year
Cost of sales (PL) x
Investment in associate (SFP) x
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