Advanced Financial Accounting

Assignment Question(s): Three Questions Each Carries 5 Marks) (total Marks 15)

Q1. The following information extracted from the parent company

a.Parent company loaned $1000 to Subsidiary with an interest rate of 5%.

b.Parent company made a sale to Subsidiary for $500 cash. The inventory had originally cost Parent company $200. Subsidiary then sold that same inventory to an outsider for $700.

c.Parent company made a sale to Sub for $800 cash. The inventory had originally cost Parent $300. Subsidiary has not yet sold that same inventory to an outsider.


Pass the elimination entries for the intercompany transactions.


Q2. Explain the differences between translation and remeasurement of financial statements of a foreign subsidiary.


Q3. The partnership of Ibrahim and Rawan has the following provisions:

Ibrahim and Rawan receive salary allowances of SAR 50,000 and SAR 15,000, respectively.

Interest is imputed at 5% on the average capital investment.

Any remaining profit or loss is shared between Ibrahim and Rawan in a 3:1 ratio, respectively.

Average Capital investments: Ibrahim, SAR 300,000; Rawan, SAR 150, 000

Net income SAR 300,000

Required:pass journal entry to allocate the profit between Ibrahim and Rawan


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