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Exam (elaborations)

Fac2602 Assignment 2 Semester 2 Of 2022

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2022/2023 Written for academic year
Institution University Of South Africa (Unisa)
Course AIN2601 - Practical Accounting Data Processing
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FAC2602 ASSIGNMENT 2 – SEMESTER 2 OF
2022



PART A

DR CR
R R
(a) 20
Retained Earnings – BigCat Ltd (400 000 * ) 66 667
120
66 667
Cost of sales – BigCat Ltd
20
Cost of Sales – BigCat Ltd (350 000 * ) 58 333
120
58 333
Inventory – IWP Ltd

(b) Retained Earnings – IWP Ltd 60 000
Machinery – BigCat Ltd 60 000
18
Accumulated Depreciation – BigCat Ltd (60 000 * 25% * ) 22 500
12
15 000
Depreciation – IWP Ltd (60 000 * 25%)
6
Retained Earnings – IWP Ltd (60 000 * 25% * 12) 7 500

(c) Revaluation Surplus [(350 000 − 200 000) * 30%] 45 000
Non – controlling interest 45 000

(d) Loan from IWP Ltd – BigCat Ltd 300 000
Loan to BigCat Ltd – IWP Ltd 300 000

Other Income – IWP Ltd (10 % * 300 000) 30 000
Interest paid – BigCat Ltd 30 000




FOR ACCADEMIC NEEDS CONTACT /065 160 9781

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