FAC2602 Selected Accounting Standards and Simple Group Structures

FAC2602 ASSIGNMENT 2 SEMESTER 2 2022. Draft the following pro-forma consolidation journal entries of the IWP Ltd Group for the year ended 31 August 2022, after taking the above-mentioned information into account: (a) Elimination of the unrealised profit included in the opening and closing inventory DR CR Retained Earnings – BigCat Ltd 66 666,67 Cost of sales – BigCat Ltd 66 666,67 Elimination of the unrealised profit included in the opening inventory (400 000 x 20/120) Cost of Sale...

FAC2602 ASSIGNMENT 2 SEMESTER 2 2022. Draft the following pro-forma consolidation journal entries of the IWP Ltd Group for the year ended 31 August 2022, after taking the above-mentioned information into account: (a) Elimination of the unrealised profit included in the opening and closing inventory DR CR Retained Earnings – BigCat Ltd 66 666,67 Cost of sales – BigCat Ltd 66 666,67 Elimination of the unrealised profit included in the opening inventory (400 000 x 20/120) Cost of Sale...

FAC2602 Learning Unit 5 2022. The following represent the abridged financial statements of X Ltd and its subsidiary, Y Ltd: STATEMENTS OF FINANCIAL POSITION AS AT 31 DECEMBER 20.9 X Ltd Y Ltd R R ASSETS Property, plant and equipment 200 000 220 000 Investment in Y Ltd – 30 000 ordinary shares at fair value (cost price: R152 500) 152 500 – Trade and other receivables 50 500 80 000 Bank 27 000 45 000 430 000 345 000 3 EQUITY AND LIABILITIES Share capital – ordinary shares (50...

FAC2602 Learning Unit 1 2022. Selected Accounting Standards And Simple Group StructuresThe following is an example of such a group: 75% of the control by means of 75% of the share capital a) P Ltd is the parent. (P Ltd holds more than half of the issued share capital and it is assumed also more than half the voting rights in S Ltd.) b) S Ltd is the subsidiary. Where a parent is linked with a subsidiary to form a larger economic unit, it is customary to refer to the entity as a group. ...

FAC2602 ASSIGNMENT 2 SEMESTER 1 2022. Profit on sale of machinery (Begonia Ltd) (230 000 − 150 000) Machinery (Daisy Ltd) Accumulated Depreciation: (Daisy Ltd) (80 000 * 20% * 9 ) 12 Depreciation (Begonia Ltd) 80 000 12 000 80 000 12 000 (b) Cost of Sales (Daisy Ltd) [(680 000 + 90 000) * 25 )] 125 Inventory (Begonia Ltd) 154 000 154 000 S - The study-notes marketplace Downloaded by: Masters | Distribution of this document is illegal S - The study-notes marketplace For academi...

FAC2602 Learning Unit 9 2022. FAC2602 - Selected Accounting Standards And Simple Group Structures. The following are the condensed financial statements of P Ltd and its subsidiary, S Ltd: STATEMENTS OF FINANCIAL POSITION AS AT 31 DECEMBER 20.7 P Ltd S Ltd R R ASSETS Property, plant and equipment Land at cost price 100 000 80 000 Plant at carrying amount 40 000 20 000 Investment in S Ltd at fair value 75 000 ordinary shares (cost price: R120 000) 120 000 - 20 000 preference shares (co...

FAC2602 Learning Unit 6 2022. FAC2602 - Selected Accounting Standards And Simple Group Structures The following are the trial balances of Sandy Ltd and South Ltd for the year ended 31 December 20.2: Sandy Ltd R South Ltd R Share capital - ordinary shares (800 000/355 000 shares) (800 000) (355 000) Retained earnings - 1 January 20.2 (480 000) (120 000) Gross profit (422 700) (166 200) Dividends received - 31 December 20.2 (23 800) - Auditors' remuneration 8 500 5 000 Depreciation ...

FAC2602 Assignment 1 semester 2 2022. FAC2602 - Selected Accounting Standards And Simple Group Structures Select the correct statement regarding shareholding and control within group structures: a. Control of another company is obtained only when the investor holds more than 50% of the shareholding. b. A percentage holding of 48% in the investee will grant the investor the right to have control. c. A group of companies is formed only when the parent and the subsidiary agree about the par...

FAC2602 Learning Unit 9 2022. Selected Accounting Standards And Simple Group Structures Learning_Unit. The following are the condensed financial statements of P Ltd and its subsidiary, S Ltd: STATEMENTS OF FINANCIAL POSITION AS AT 31 DECEMBER 20.7 P Ltd S Ltd R R ASSETS Property, plant and equipment Land at cost price 100 000 80 000 Plant at carrying amount 40 000 20 000 Investment in S Ltd at fair value 75 000 ordinary shares (cost price: R120 000) 120 000 - 20 000 preference shares ...

FAC2602 Learning Unit 6 2022. The following are the trial balances of Sandy Ltd and South Ltd for the year ended 31 December 20.2: Sandy Ltd R South Ltd R Share capital - ordinary shares (800 000/355 000 shares) (800 000) (355 000) Retained earnings - 1 January 20.2 (480 000) (120 000) Gross profit (422 700) (166 200) Dividends received - 31 December 20.2 (23 800) - Auditors' remuneration 8 500 5 000 Depreciation 102 000 42 000 Staff costs 95 000 35 000 Interest paid on bank over...