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Exam (elaborations)

FAC2602 Assignment 2 Semester 2 2022

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This document contain FAC2602 Assignment 2 Semester 2 2022

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University Of South Africa (Unisa)
Course
FAC2602 - Selected Accounting Standards And Simple Group Structures (FAC2602)








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Institution
University of South Africa (Unisa)
Course
FAC2602 - Selected Accounting Standards And Simple Group Structures (FAC2602)
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Uploaded on
August 14, 2022
Number of pages
5
Written in
2022/2023
Type
Exam (elaborations)
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Questions & answers

Subjects

  • fac2602
  • assignment 2
  • semester 2
  • 2022

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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 666,67
20 R66 666,67
Cost of sales – BigCat Ltd (120 × 400 000)
Elimination of unrealised profit in opening
inventory

Cost of sales – BigCat Ltd R58 333,33
20 R58 333,33
Inventory – IWP Ltd ( × 350 000)
120
Elimination of unrealized profits in closing
inventories




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