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Essay Available:
Pages:
1 page/≈275 words
Sources:
No Sources
Level:
APA
Subject:
Accounting, Finance, SPSS
Type:
Math Problem
Language:
English (U.S.)
Document:
MS Word
Date:
Total cost:
$ 4.68
Topic:

Joint Venture (Math Problem Sample)

Instructions:

joint venture accounting

source..
Content:

Joint venture
Name:
Instructor:
Required:
Prepare the journal entries on 1 July 2013 in the books of M Ltd and Y Ltd to record their investment in the jointly controlled entity – L Ltd.
M LTD JOINT VENTURE WITH Y LTD
JOURNAL ENTERIES
AS AT 1ST JULY 2013
DETAILS

DEBIT

CREDIT

PLANT


50,000

TOTAL


50,000

Y LTD JOINT VENTURE WITH M LTD
JOURNAL ENTERIES
AS AT 1ST JULY 2013
DETAILS

DEBIT

CREDIT

CASH


25,000

MACHINERY


25,000

TOTAL


50,000

ii) Prepare the adjusting journal entries required under equity method of accounting for the year ended 30 June 2014 in the financial statements of M Ltd and Y Ltd in relation to their investment in the jointly controlled entity – L Ltd.
L LTD
ADJUSTING JOURNAL ENTERIES
FOR THE YEAR ENDED 30TH JUNE 2014
DETAILS

DEBIT

CREDIT

DEPRECIATION

60,000


ACCUMULATED DEPRECIATION


60,000

ACCOUNTS RECEIVABLE

150,000


SALES


150,000

EXPENSE

7,500


ACCOUNTS PAYABLE

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