Fac2602 Assignment 2 Semester 2 2024 (QUALITY ANSWERS ) DISTINCTION GUARANTEED 90+

QUESTION ORDER IS DIFFERENT FOR EACH STUDENT
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FAC2602
Assessment 2

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 (R1 200 000 x 20/120)
Ltd..................
Cost of sales – Lex (R1 200 000 x
Ltd..................... 20/120)

2.
Retained earnings – E-Volvo (R1 200 000 x 20/120)
Ltd...........
Inventory – Lex (R1 200 000
Ltd........................... x 20/120)

3.
Cost of sales – Lex (R870 000 x 20/120)
Ltd..........................
Inventory E-Volvo (R870 000 x 20/120)
Ltd.......................
4.
Retained earnings – Lex (R1 200 000 x 20/120)
Ltd..................
Cost of sales – E- (R1 200 000
Volvo Ltd.............. x 20/120)

, 2. 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.
R270 000




2.
R 60 000




3.
R 90 000




4.
R360 000

[760 000 – (340 000 + 60 000)] x 25% = 90 000