Exam (elaborations)
FAC2602 Assignment 2 Semester 1 of 2021
- Institution
- University Of South Africa (Unisa)
FAC2602 Assignment 2 Semester 1 of 2021
[Show more]
2 reviews
By: ktsbakeryenquiries • 3 year ago
By: ndamupreci • 3 year ago
Content preview
FAC2602 ASSIGNMENT 2 – SEMESTER 1 OF2021
PART A
Pro – forma consolidation journal entries of the Burgers – Eat Ltd Group
(a) Elimination of the unrealized profit included in the opening and closing
inventory
DR CR
R R
Opening Inventory
25 22 000
Retained Earnings (Burgers – Eat Ltd) (110 000 ∗ )
125
22 000
Cost of Sales (Burgers – Eat Ltd)
Closing Inventory
25
Cost of sales (Burgers – Eat Ltd) (37 500 ∗ 125) 7 500
Inventory (Travelwell Ltd) 7 500
(b) Recording of the non – controlling interests` share in Travelwell Ltd`s profit
since acquisition to the beginning of the current year
DR CR
R R
Retained Earnings [(341 260 − 185 500) ∗ 20%] 31 152
Non – controlling interests 31 152
(c) Recording the non – controlling interests` share in Travelwell Ltd`s
revaluation surplus of the current year
DR CR
R R
Non – controlling interest (SCI) [(1 194 000 − 1 159 000) ∗ 20%] 7 000
Non – controlling interest (SFP) 7 000
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller UNISOLUTIONS. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R100,00. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67096 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy summaries for 14 years now