FAC2602 ASSIGNMENT 02 Semester 1 & 2.

FAC2602 ASSIGNMENT 02 Semester 1 & 2. PART A a) ELIMINATION OF THE UNREALISED PROFIT INCLUDED IN THE OPENING AND CLOSING INVENTORY DEBIT CREDIT Cost of sales (Burgers-Eat) 7 500 Inventory (Travelwell) 7 500 Elimination of unrealised intragroup profit included in the closing inventory of Travelwell Ltd (25/125 x 37 500) Retained earnings (Burgers-Eat) 22 000 Cost of sales 22 000 Elimination of unrealised intragroup profit included in the opening inventory of Travelwell Ltd (25/125 x 110 000) b) RECORDING OF THE NON-CONTROLLING INTERESTS’ SHARE IN TRAVELWELL LTD’S PROFIT SINCE ACQUISITION TO THE BEGINNING OF THE CURRENT YEAR DEBIT CREDIT Retained earnings 26 752 Non-controlling interests 26 752 Recording of NCI in Travelwell Ltd for the year ended 31 Aug 2019 20%x( – – x 25/125) c) RECORDING OF NCI SHARE IN TRAVELWELL LTD’S REVALUATION SURPLUS OF THE CURRENT YEAR DEBIT CREDIT