FAC2602 Selected Accounting Standards and Simple Group Structures

Latest exam pack questions and answers and summarized notes for exam preparation.

Latest exam pack questions and answers and summarized notes for exam preparation.

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 Sales – BigCat Ltd 58 333,33 Inventory...

FAC2602 Assignment 2 Semester 2 2022 FAC2602 Assignment 2 Semester 2 2022

FAC2602 Assignment 2 Semester 1 2022 Disclaimer Extreme care has been used to create this document, however the contents are provided “as is” without any representations or warranties, express or implied. This document is to be used for comparison, research and reference purposes ONLY. No part of this document may be reproduced, resold or transmitted in any form or by any means without prior written permission from the author. DOCUMENT PREVIEW PART A Draft the following pro-forma c...

FAC2602 ASSIGNMENT 2 SOLUTIONS SEMESTER 2 2022. Selected Accounting Standards And Simple Group Structures. 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 profi...

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. ...