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A cumulative translation adjustment

This is an online exam for the course HI5020 Corporate Accounting. It consists of five questions and accounts for 50% of the total marks. The questions cover topics such as general journal entries, dividends, and intra-group transactions.

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Added on  2022-09-06

A cumulative translation adjustment

This is an online exam for the course HI5020 Corporate Accounting. It consists of five questions and accounts for 50% of the total marks. The questions cover topics such as general journal entries, dividends, and intra-group transactions.

   Added on 2022-09-06

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Solution
1. Solution
Particulars Debit Credit
Interim Dividend
$
4,00,000
Cash
$
4,00,000
General Reserve
$
8,40,000
Dividend Payable
$
8,40,000
Retained Earnings
$
2,40,000
General Reserve
$
2,40,000
General Reserve
$
6,00,000
Bonus Shares
$
6,00,000
Bank A/c
$
3,00,00,000
Share Capital
$
3,00,00,000
2. Solution
S. No Particulars Debit
Credi
t
(a) Sales Revenue 60000
Cost of sales 30000
Inventory 30000
Deferred tax asset 9000
Income tax expenses 9000
(b) Gain on sale of equipment 20000
(340000 )- (400000-20%)
Equipment 20000
HI5020 Online Exam T3 2019
A cumulative translation   adjustment_1
Deferred tax asset 6000
Income tax expense 6000
Accumulated depreciation 2000
Depreciation Expenses 2000
Income tax expense 600
Deferred tax asset 600
(c ) Dividend Revenue
14000
0
Dividend Receivable
14000
0
Dividend Payable
14000
0
Dividend Declared
14000
0
(d) Cash
10000
0
Loan from Liam
10000
0
Interest Payable 4000
Interest Receivable 4000
HI5020 Supplementary Exam T3 2019 2
A cumulative translation   adjustment_2

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