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ACC705 Corporate Accounting And Reporting

tag 0 Download 4 Pages / 894 Words tag 29-10-2020
  • Course Code: ACC705
  • University: Kings Own Institute
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  • Country: Australia

Question:

Additional information
 
(a)  Tuna Ltd sells certain raw materials to Brim Ltd to be used in its manufacturing process.
 
At 1 July 2016, Brim Ltd held inventory sold to it by Tuna Ltd in the previous year at a profit of $600. During the 2016–17-year, Tuna Ltd sold inventory to Brim Ltd for $21 000. None of this was on hand at 30 June 2017.
 
(b) Brim Ltd also sells items of inventory to Tuna Ltd. During the 2016–17 year, Brim Ltd sold goods to Tuna Ltd for $4500. At 30 June 2017, inventory which had been sold to Tuna Ltd at a profit of $300 was still on hand in Tuna Ltd.’s inventory.
 
(c)  On 1 July 2016, Brim Ltd sold an item of plant to Tuna Ltd for $15 000. This plant had a carrying amount in the records of Brim Ltd of $14 000 at time of sale. This type of plant is depreciated at 10% p.a. on cost.
 
(d)  On 1 January 2015, Tuna Ltd sold an item of inventory to Brim Ltd for $18 000. The inventory had cost Tuna Ltd $16 000. This item was classified by Brim Ltd as plant. Plant of this type is depreciated by Brim Ltd at 20% p.a.
 
(e)  On 1 March 2017, Brim Ltd sold an item of plant to Tuna Ltd. Whereas Brim Ltd classified this as plant, Tuna Ltd classified it as inventory. The sales price was $9000 which included a profit to Brim Ltd of $1500. Tuna Ltd sold this to another entity on 31 March for $9900.
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