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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.)

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  • October 31, 2021
  • 10
  • 2021/2022
  • Exam (elaborations)
  • Questions & answers

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  • fac3762 exam pack 2020 solutio n

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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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