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Discuss different types of joint arrangements

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Reference no: EM132825044

Apple Ltd, Orange Ltd and Pear Ltd (3 companies) formed a joint operation on 1 July 2020. Each company has a one-third interest in the joint operation. Apple Ltd agreed to contribute plant and equipment with a fair value of $3m to the joint operation, whilst the other operators contributed $3m in cash.

The carrying amount of the plant was:

Plant & Equipment 2,500,000
Accumulated depreciation 700,000
Carrying Amount 1,800,000

Required:

Problem 1. Prepare the required entries for each operator

Problem 2. Discuss different types of joint arrangements with reference to relevant AASB. Outline advantages and disadvantages of each type of joint arrangements.

Reference no: EM132825044

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