Reference no: EM132650720
Question 1: Duri Co. had 55% control on Yan Co. and during 2018, Duri Co. had made intragroup sales to Yan Co. of RM480,000 making a profit of 25% on cost and RM75,000 of these goods were in inventories at 31 December 2018. What is the unrealized profit of the inter-transaction?
a. RM15,000
b. RM96,000
c. RM52,800
d. RM8,250
Question 2: How is the URP will be adjust to the CSOPOL & OCI of Duri Co.?
a. Eliminate in the seller book
b. Eliminate in the buyer book
c. Eliminate in seller and buyer book
d. No elimination needed
Question 3: Where the adjustment should be made?
a. In the book of Duri Co.
b. In the book of Yan Co.
c. In both Duri Co. and Yan Co.
d. None of the companies
Question 4: What is the double entry for the URP?
a. Dr. Inventory, Cr. Cost of sales
b. Dr. Retained earnings, Cr. Receivables
c. Dr. Cost of Sales, Cr. Expenses
d. Dr. Cost of sales, Cr. Inventories
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