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Make the journal entries in the book of Brisbane Ltd

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Reference no: EM132567628

Question - On 1 July 2019, Brisbane Ltd enters into a joint operation with Perth Ltd to form an unincorporated entity to produce a new type of building product. It was agreed that each party to the agreement would share the output equally. Brisbane Ltd's initial contribution consists of $2 000 000 cash and Perth Ltd contributes machinery that is recorded at $1 900 000. The fair value of machinery is $2 000 000. During the first year of operation both parties contributed a further $3 000 000 cash each.

Required - Make the journal entries in the book of Brisbane Ltd and in the book of Perth Ltd to account for the joint operators' contributions to the joint operation.

Reference no: EM132567628

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