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Prepare the appropriate general journal entry to recognise

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

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Question 1: Prepare the appropriate general journal entry to recognise the contribution of buildings to the joint operation by Toss Ltd and the proportional interest in the cash contributed by Boss Ltd.

Reference no: EM132512759

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