Exam (elaborations)
FAC2602 ASSIGNMENT 2 SEMESTER 2 2022
- Institution
- University Of South Africa (Unisa)
FAC2602 ASSIGNMENT 2 SEMESTER 2 2022 Questions and 100% TRUSTED Solutions
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PART A(a) Elimination of the unrealised profit included in the opening and closing inventory
DEBIT CREDIT
Retained earnings – BigCat Ltd R66 667
Cost of sales – BigCat Ltd (R400 000×20%) R66 667
Elimination of unrealised profit in opening inventory
Cost of sales – BigCat Ltd R58 333
Inventory – IWP Ltd (20/120×350 000) R58 333
Elimination of unrealized profits in closing inventories
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