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FAC2602 ASSIGNMENT 2 – SEMESTER 1 OF
2022




PART A

DR CR
R R
(a) Profit on sale of machinery (Begonia Ltd) (230 000 − 150 000) 80 000
Machinery (Daisy Ltd) 80 000
9
Accumulated Depreciation: (Daisy Ltd) (80 000 * 20% * ) 12 000
12
12 000
Depreciation (Begonia Ltd)

25
(b) Cost of Sales (Daisy Ltd) [(680 000 + 90 000) * )] 154 000
125
154 000
Inventory (Begonia Ltd)




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, PART B

(a) Consolidated Statement of Profit or Loss & Other Comprehensive Income of
the Daisy Ltd Group for the year ended 28 February 2022

R
Revenue (5 000 000 + 3 500 000 − 1 000 000) 7 500 000
Cost of Sales (2 000 000 + 1 400 000 − 1 000 000 + 154 000) (2 554 000)
Gross Profit 4 946 000
Other Income [480 000 + 350 000 − 80 000 − (5 000 * 4) −
24 000 − 3 000] 703 000
Other expenses [500 000 + 470 000 − 12 000 − (5 000 * 4)] (938 000)
Finance Cost (100 000 + 80 000) (180 000)
Profit before tax 4 531 000
Income tax expense (806 400 + 532 000) (1 338 400)
Profit for the year 3 192 600
Other Comprehensive Income for the year -
Total Comprehensive Income for the year 3 192 600

Total comprehensive income attributable to:
Owners of the parent (3 192 600 − 265 000) 2 927 600
Non – controlling interest (260 000 + 7 000 − 2 000) 265 000
3 192 600




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