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FAC2602 Assignment 1 Semester 2 2022

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  • September 2, 2022
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FAC2602
Assignment 1 Semester 2 2022
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, FAC2602
ASSIGNMENT 2
SEMESTER 2 2022
DUE DATE 2 SEPTEMBER 2022


PART A
Pro-forma consolidation journal entries
Details DR CR
(a) Retained earnings (BigCat Ltd) 66 667
Cost of sales (BigCat Ltd) 66 667
(20/120 x 400 000)

Cost of sales (BigCat Ltd) 58 333
Inventory (IWP Ltd) 58 333
(20/120 x 350 000)

(b) Retained earnings (IWP Ltd) 60 000
Machinery (BigCat Ltd) 60 000

Accumulated depreciation (BigCat Ltd) 22 500
Retained earnings (IWP Ltd) (25% x 60 000) x 6/12 7 500
Depreciation (IWP Ltd) (25% x 60 000) 15 000

(c) Revaluation surplus (BigCat Ltd) 45 000
Non-controlling interests 45 000
(350 000 – 200 000) x 30%

(d) Loan from IWP Ltd (BigCat Ltd) 300 000
Loan to BigCat Ltd (IWP Ltd) 300 000

Other income (IWP Ltd) 30 000
Interest paid (BigCat Ltd) 30 000
(10% x 300 000)

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