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Case 1:
On 1 July 20X0, the Ears & Eyes Joint Operation was established. The two joint operators participating in this arrangement, Ears Ltd and Eyes Ltd, share control equally. Both joint operators contributed cash to establish the joint operation. The joint operation holds equipment with a carrying amount of $1 200 000. Both joint operators depreciate equipment using the straight-line method and the depreciation is regarded a cost of production. The equipment has a useful life of 5 years. At 30 June 20X1 both Ears Ltd & Eyes Ltd had sold all of the inventory distributed to them. At 30 June 20X1 how Joint Operation itself and Venturers must recognise the entries?:
Solution: (I based on IE 30.1 of book Applying IFRS - 3e)
1. Accounting of Operation itself:
Dr Acc. Depr. Cr Depr.- Equipment: 240,000
Dr WIP Cr Depr.- Equipment: 240,000
Dr Inventory in JO Cr WIP: 240,000
Dr Inventory distributed to Ears Ltd 120,000 Dr Inventory distributed to Eyes Ltd 120,000 Cr Inventory in JO: 240,000
1. Accounting of Each Operators:
Dr Inventory distributed to Ears Ltd Cr Acc. Depr.: 120,000
Dr Inventory distributed to Eyes Ltd Cr Acc. Depr.: 120,000
Case 2: On 1 July 20X0, the Ears & Eyes Joint Operation was established. The two joint operators participating in this arrangement, Ears Ltd and Eyes Ltd, share control equally. Both joint operators contributed cash to establish the joint operation. The joint operation holds equipment with a carrying amount of $1 200 000. Both joint operators depreciate equipment using the straight-line method and the depreciation is regarded a cost of production. The equipment has a useful life of 5 years. At 30 June 20X1 Ears Ltd had sold all of the inventory distributed to it and Eyes Ltd had sold 50% of the inventory distributed to it. At 30 June 20X1 Venturer Eyes must recognise the following entry, in relation to depreciation, in its records (Source: Testbank for chapter 30-Applying IFRS - 3e):
Solution:
1. Accounting of Operation itself:
Dr Acc. Depr. Cr Depr.- Equipment: 240,000
Dr WIP Cr Depr.- Equipment: 240,000
Dr Inventory in JO Cr WIP: 240,000
Dr Inventory distributed to Ears Ltd 120,000 Dr Inventory distributed to Eyes Ltd 60,000 Cr Inventory in JO:180,000
1. Accounting of Each Operators:
Dr Inventory distributed to Ears Ltd Cr Acc. Depr.: 120,000
Dr Inventory distributed to Eyes Ltd Cr Acc. Depr.: 60,000
Ghi chú: Đáp án của case 2 là Dr Inventory 60,000 ko có giải thích. Hơn nữa Testbank là tài liệu ko rõ nguồn gốc nên mình ko biết độ tin cậy của tài liêu này. Vì vậy rất mong các bạn giúp mình xem mình làm đúng sai ở đâu nhé.
Case 1:
On 1 July 20X0, the Ears & Eyes Joint Operation was established. The two joint operators participating in this arrangement, Ears Ltd and Eyes Ltd, share control equally. Both joint operators contributed cash to establish the joint operation. The joint operation holds equipment with a carrying amount of $1 200 000. Both joint operators depreciate equipment using the straight-line method and the depreciation is regarded a cost of production. The equipment has a useful life of 5 years. At 30 June 20X1 both Ears Ltd & Eyes Ltd had sold all of the inventory distributed to them. At 30 June 20X1 how Joint Operation itself and Venturers must recognise the entries?:
Solution: (I based on IE 30.1 of book Applying IFRS - 3e)
1. Accounting of Operation itself:
Dr Acc. Depr. Cr Depr.- Equipment: 240,000
Dr WIP Cr Depr.- Equipment: 240,000
Dr Inventory in JO Cr WIP: 240,000
Dr Inventory distributed to Ears Ltd 120,000 Dr Inventory distributed to Eyes Ltd 120,000 Cr Inventory in JO: 240,000
1. Accounting of Each Operators:
Dr Inventory distributed to Ears Ltd Cr Acc. Depr.: 120,000
Dr Inventory distributed to Eyes Ltd Cr Acc. Depr.: 120,000
Case 2: On 1 July 20X0, the Ears & Eyes Joint Operation was established. The two joint operators participating in this arrangement, Ears Ltd and Eyes Ltd, share control equally. Both joint operators contributed cash to establish the joint operation. The joint operation holds equipment with a carrying amount of $1 200 000. Both joint operators depreciate equipment using the straight-line method and the depreciation is regarded a cost of production. The equipment has a useful life of 5 years. At 30 June 20X1 Ears Ltd had sold all of the inventory distributed to it and Eyes Ltd had sold 50% of the inventory distributed to it. At 30 June 20X1 Venturer Eyes must recognise the following entry, in relation to depreciation, in its records (Source: Testbank for chapter 30-Applying IFRS - 3e):
Solution:
1. Accounting of Operation itself:
Dr Acc. Depr. Cr Depr.- Equipment: 240,000
Dr WIP Cr Depr.- Equipment: 240,000
Dr Inventory in JO Cr WIP: 240,000
Dr Inventory distributed to Ears Ltd 120,000 Dr Inventory distributed to Eyes Ltd 60,000 Cr Inventory in JO:180,000
1. Accounting of Each Operators:
Dr Inventory distributed to Ears Ltd Cr Acc. Depr.: 120,000
Dr Inventory distributed to Eyes Ltd Cr Acc. Depr.: 60,000
Ghi chú: Đáp án của case 2 là Dr Inventory 60,000 ko có giải thích. Hơn nữa Testbank là tài liệu ko rõ nguồn gốc nên mình ko biết độ tin cậy của tài liêu này. Vì vậy rất mong các bạn giúp mình xem mình làm đúng sai ở đâu nhé.
