FAC2602 ASSIGNMENT 2 FOR 2ND SEMESTER 2024

  Started on Tuesday, 10 September 2024, 6:01 PM State Finished Completed on Tuesday, 10 September 2024, 8:10 PM Time taken 2 hours 9 mins Question 1 Complete Marked out of 3 Flag question Question text Use the scenario loaded under additional resources to answer the following question. The amount of retained earnings since acquisition to beginning of current year allocated to non-controlling interest is? 1. R232 500 2. R282 500 3. R547 500 4. R182 500 Question 2 Complete Marked out of 2 Flag question Question text Use the scenario loaded under additional resources to answer the following question. The value of other expenses in the consolidated statements is: 1. R1 720 000 2. R1 480 000 3. R1 575 000 4. R1 535 000 Question 3 Complete Marked out of 4 Flag question Question text Answer the following multiple-choice questions regarding the consolidated financial statements of the E-Volvo Ltd Group as at 31 May 2023. Select only one option per question. The correct journal entry to eliminate the unrealised profit included in the closing inventory is: 1. Retained earnings: Lex Ltd.................... 145 000 Cost of sales: Lex Ltd........................ 145 000 2. Cost of sales: Lex Ltd............................. 200 000 Retained earnings: E-Volvo Ltd........... 200 000 3. Cost of sales: Lex Ltd............................. 145 000 Inventory: E-Volvo Ltd........................ 145 000 4. Retained earnings: Lex Ltd.................... 200 000 Inventory: E-Volvo Ltd....................... 200 000 Question 4 Complete Marked out of 3 Flag question Question text Use the scenario loaded under additional resources to answer the following question. The value of revaluation surplus in the consolidated statement of changes in equity is: 1. R950 000 + (R760 000 – R340 000 – R60 000) x 75% 2. R950 000 + (R760 000 – R340 000) x 75% 3. R950 000 + R760 000 4. R950 000 Question 5 Complete Marked out of 1 Flag question Question text Use the scenario loaded under additional resources to answer the following question. The opening balance of revaluation surplus in the consolidated statement of changes in equity, is: 1. R950 000 2. R950 000 + (R760 000 – R340 000 – R60 000) x 75% 3. R950 000 + (R760 000 x 75%) 4. R950 000 + (R760 000 – R340 000) x 75% Question 6 Complete Marked out of 3 Flag question Question text Use the scenario loaded under additional resources to answer the following question. The pro-forma journal entry to account for the non-controlling interests in the revaluation surplus of the current year is: 1. Non-controlling interests (R760 000 – R340 000) x 25% Revaluation surplus (R760 000 – R340 000) x 25% 2. Revaluation surplus (R760 000 – R340 000 – R60 000) x 25% Non-controlling interests (R760 000 – R340 000 – R60 000) x 25% 3. Non-controlling interests (R760 000 – R340 000) Revaluation surplus (R760 000 – R340 000) 4. Revaluation surplus (R760 000 – R340 000) x 25% Non-controlling interests (R760 000 – R340 000) x 25% Question 7 Complete Marked out of 3 Flag question Question text Use the scenario loaded under additional resources to answer the following question. The correct journal entry to eliminate the intragroup transaction where training services were provided with related costs and income incurred, is: 1. Other income – Lex Ltd.............. R240 000 Other expenses – E-Volvo Ltd R240 000 2. Other income – E-Volvo Ltd..... R240 000 Other expenses – Lex Ltd... R240 000 3. Trade payables – E-Volvo Ltd. R240 000 Trade receivables – Lex Ltd R240 000 4. Other expenses – Lex Ltd......... R240 000 Other income – E-Volvo Ltd.. R240 000 Question 8 Complete Marked out of 4 Flag question Question text Use the scenario loaded under additional resources to answer the following question. The value of cost of sales in the consolidated statements is: 1. R1 920 000 + R1 580 000 - (R1 200 000 x 20/120) + (R870 000 x 20/120) - R795 000 2. R1 920 000 + R1 580 000 – R795 000 3. R1 920 000 + R1 580 000 – (R1 200 000 x 20/120) + (R870 000 x 20/120) 4. R1 920 000 + R1 580 000 + (R1 200 000 x 20/120) - (R870 000 x 20/120) - R795 000 Question 9 Complete Marked out of 4 Flag question Question text Use the scenario loaded under additional resources to answer the following question. What is the amount of goodwill disclosed in the statement of financial position of E-Volvo Ltd Group as at 30 June 2024? 1. R315 000 2. R 15 000 3. R0 4. R 60 000 Question 10 Complete Marked out of 4 Flag question Question text Use the scenario loaded under additional resources to answer the following question. The profit for the year in the non-controlling interests’ column of the consolidated statement of changes in equity is: 1. [R350 000 – (R870 000 x 20/120)] x 25% 2. R350 000 + (R1 200 000 x 20/120) – (R870 000 x 20/120) 3. [R350 000 + (R1 200 000 x 20/120) – (R870 000 x 20/120)] x 25% 4. R350 000 x 25% Question 11 Complete Marked out of 3 Flag question Question text Use the scenario loaded under additional resources to answer the following question. The amount of other comprehensive income in the statement of changes in equity for non-controlling interest is? 1. R 90 000 2. R 60 000 3. R360 000 4. R270 000 Question 12 Complete Marked out of 2 Flag question Question text Use the scenario loaded under additional resources to answer the following question. The value of the income tax expense in the consolidated statements is: 1. R495 000 2. R370 000 3. R660 000 4. R587 500 Question 13 Complete Marked out of 4 Flag question Question text Use the scenario loaded under additional resources to answer the following question. The correct journal entry to eliminate the unrealised profit included in the opening inventory is: 1. Retained earnings – Lex Ltd.................. (R1 200 000 x 20/120) Cost of sales – Lex Ltd..................... (R1 200 000 x 20/120) 2. Retained earnings – Lex Ltd.................. (R1 200 000 x 20/120) Cost of sales – E-Volvo Ltd.............. (R1 200 000 x 20/120) 3. Cost of sales – Lex Ltd.......................... (R870 000 x 20/120) Inventory E-Volvo Ltd....................... (R870 000 x 20/120) 4. Retained earnings – E-Volvo Ltd........... (R1 200 000 x 20/120) Inventory – Lex Ltd........................... (R1 200 000 x 20/120) Question 14 Complete Marked out of 3 Flag question Question text Use the scenario loaded under additional resources to answer the following question. The value of inventory in the consolidated statements is: 1. R3 890 000 + R2 500 000 – (R795 000 x 20/120) 2. R3 890 000 + R2 500 000 – (R1 200 000 x 20/120) 3. R3 890 000 + (R2 500 000 x 75%) 4. R3 890 000 + R2 500 000 – (R870 000 x 20/120) Question 15 Complete Marked out of 2 Flag question Question text Use the scenario loaded under additional resources to answer the following question. Trade and other payables in the consolidated financial statements amount to: 1. R960 000 + (R810 000 x 75%) 2. R960 000 + R810 000 – (R240 000 x 75%) 3. R960 000 + R810 000 – R240 000 4. R960 000 + R810 000