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Dear sir, if a non monetary asset is being contributed in a joint venture, then why does an entity need to derecognise the other assets it contributed to the venture?
Please help this is from September December 2019 SBR past paper
Please ensure you have watched my debrief of this question. Also check that you are happy with the difference between joint operations and joint ventures (by reviewing our notes).
If transfer is to a JV which is a separate company then we must derecognise the assets transferred.