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Prepare journal entry to recognize contribution of buildings

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Question - A 50:50 joint operation was commenced between Boss Ltd and Voss Ltd. Boss Ltd contributed cash of $50 000, and Voss Ltd contributed a Building with a fair value of $50 000 and a carrying amount of $40 000.

Required - Prepare the appropriate general journal entry to recognize the contribution of buildings to the joint operation by Voss Ltd and the proportional interest in the cash contributed by Boss Ltd.

Reference no: EM132543923

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