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Create appropriate general journal entries for consolidation

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Reference no: EM132533157

Vixen Ltd owns all the share capital of Post Ltd and the income tax rate is 30%. In February 2020, Post Ltd sold inventories to Vixen Ltd for $12 000, at a mark-up of 50% on cost. One-third of this inventory were unsold by Vixen Ltd at 30 June 2020, the rest were sold to external entities. In December 2019, Vixen Ltd paid a $1500 interim dividend.

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Question 1: In relation to the above intragroup transactions prepare the appropriate general journal entries for the consolidation worksheet at 30 June 2020.

Reference no: EM132533157

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