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FAC 2602 Semester 1 - Assessment 2 EXPECTED SOLUTIONS

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2022/2023 Written for academic year
Institution University Of South Africa (Unisa)
Course FAC2602 - Selected Accounting Standards And Simple Group Structures (FAC2602)
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This document contains FAC 2602 Semester 1 - Assessment 2 EXPECTED SOLUTIONS. Using it correctly as a guideline ensures that you score above 75%

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Part A
A) OSCAR THE TUTOR
DR CR
+27844708483
Profit on sale of Machine(Begonia ltd) 80 000,00 contact for FAC,MAC,ECS,DSC,QMI, BNU,TAX, FIN,INV tutoring
Plant and machinery/Machinery(daisy
ltd) 80 000,00



Accumulated depreciation(Begonia ltd) 12 000,00
Depreciation(daisy ltd) 12 000,00
Elimination of unrealised depreciation on
the sale of machine

B)

Cost of sales (daisy ltd) 154 000,00




Inventory(Begonia
ltd)(680000+90000)*25/125 154 000,00
Elimination of unrealised profit in closing inventory

, PART B
A)
Consolidated statement of profit and loss and other
comprehensive income for Daisy group.
Revenue(5000000+3500000-1000000)
7 500 000,00
Cost of sales(2000000+1400000-1000000-
(680000+90000)*25/125) - 2 246 000,00
Gross profit 5 254 000,00
Other income(48000+350000-5000*4)
378 000,00

Other expense(500000+470000-5000*4)
- 950 000,00
Finance cost(100000+80000) - 180 000,00
Profit before tax 4 502 000,00
Income tax expense(806400+532000) - 1 338 400,00
PROFIT FOR THE YEAR 3 163 600,00
Other comprehensive income for the year -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR 3 163 600,00
Atributable to

Owners of the parent
2 904 400,00

Non controlling Interest(255200-
2000+6000)
259 200,00
3 163 600,00

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