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FAC3762 - Joint Ventures

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Excel document containing an exam template for the content covered in the course.

Institution
University Of South Africa (Unisa)
Course
FAC3762 - International Group And Financial Accounting

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1 INTER COMPANY TRANSACTIONS
2 REVERSE ADJUSTMENTS TO FAIR VALUE OF INVESTMENT
3 AT ACQUISITION
4 ADJUSTMENT SINCE ACQUISITION TO BOY
5 ADJUSTMENT FOR CURRENT YEAR
6 INSOLVENT ASSOCIATES

, 1. INTER COMPANY TRANSACTIONS

Adjustment for unrealised profit in inventory (upstream - A makes the profit)

From acquisition to BOY:
Retained earnings (SCE) X
Inventories (SFP) X

Deferred tax (SFP) X
Retained earnings (SCE) X

For the current year:
Inventories (SFP) x
Profit from associate (PL) x

Profit from associate (PL) x
Deferred tax (SFP) x
Being the reversal of the entry for the previous year


Profit from associate (PL) x
Inventory (SFP) x

Deferred tax (SFP) x
Profit from associate (PL) x

Adjustment for unrealised profit in inventory (downstream - H makes the profit)

From acquisition to BOY:
Retained earnings (SCE) x
Investment in associate (SFP) x

Investment in associate (SFP) x
Retained earnings (SCE) x

For the current year:
Investment in associate (SFP) x
Cost of sales (PL) x

Income tax expense (PL) x
Investment in associate (SFP) x
Being the reversal of the entry for the previous year


Cost of sales (PL) x
Investment in associate (SFP) x
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Institution
University of South Africa (Unisa)
Course
FAC3762 - International Group And Financial Accounting
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Uploaded on
March 1, 2022
Number of pages
7
Written in
2021/2022
Type
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Subjects

  • joint ventures
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