Exam (elaborations)
FAC2602 Semester 1 2023 Assessment 3 MEMO
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FAC2602 Assessment 3 Semester 1 MEMO ONLY
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SOLUTIONAssessment 3 – Semester 1 - 2023
, SOLUTION 1 (16 MARKS)
Dr Cr
R R
JOURNAL A
Retained earnings – Ackermen Ltd 130 000
Cost of sales – Ackermen Ltd 130 000
(780 000 x 20/120)
Cost of sales – Ackermen Ltd 135 000
Inventory – Mr Priced Ltd 135 000
[(940 000 - 130 000) x 20/120]
JOURNAL B
Profit on sale of asset/Other income – Mr Priced Ltd 1 100 000
Property, plant and equipment/Sewing machines – Ackermen Ltd 1 100 000
[1 740 000 – (3 200 000 x 2/10)]
Accumulated depreciation – Ackermen Ltd 45 833
Depreciation – Mr Priced Ltd 45 833
(1 100 000 x 10% x 5/12)
JOURNAL C
Non-controlling interests 141 000
Dividends payable – Mr Priced Ltd 141 000
(470 000 x 30%)
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