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Question 5 Marked out of 20 00 Question text Question 5 (20 marks) Joint operations On 1 July 2041, Bunbury Ltd entered into an agreement with Broome Led to form an Payments: unincorporated joint operation. Machinery (02/01/41) 2,600,000 It was agreed that each party to the agreement would share Wages 5,200,000 production equally Supplies 7.150,000 Bunbury Lid's initial contribution consisted of cash of Overheads 6,175,000 $6,500,000 Operating expenses 650,000 Broome Led contributed machinery with a fair value of 21.775.000 $6,500,000 to the operation Closing Cash Balance 1,725,000 The machinery contributed by Broome Ltd had a carrying Statement of Financial Position amount of $6,240,000 As at 30 June 2041 On 15 December 2040, each party contributed a further Assets $8,500,000 in cash Cash 1,725,000 Machinery depreciation is recorded in the books of the joint operation at 20% per annum. Supplies 650,000 Work in Progress 2,535,000 Each operator accounts for the joint operation in accordance Machinery 9.100,000 with AASB 11 by using the line-by-line method of accounting. Less Accum. Depn - Machinery -1,560.000 7,540,000 Total Assets 12,450,000 On 30 June 2041, the joint operation manager provided the following statements: Liabilities Costs incurred Accrued wages 650,000 Accounts payable 1.625,000 for the year ended 30 June 2041 Total Liabilities 2,275,000 Net Assets 10,175,000 Wages 5,850,000 Depreciation 1,560,000 Required Supplies 7,800,000 (a) Prepare the journal entry or entries for Broome Led on 1 July 2040. (4 marks) Overheads 6.500.000 marks) b) Prepare the journal entry or entries for Broome Led on 15 December 2040. (2 21,710,000 Cost of inventory -19,175,000 ) Prepare the journal entry or entries for Broome Lid on 30 June 2041. (14 marks) Work in progress at 30 June 2041 2,535,000 Cash Receipts and Payments for the year ended 30 June 2041 Receipts: Original contributions 6,500,000 Additional contributions 17.000.000 23,500,000 Payments Machinery (02/01/41) 2,600,000 Wages 5.200,000 Supplies 7,150,000 Overheads 5,175,000 Operating expenses 650.000 21.775,000