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Dingo Ltd owns all of the shares of Bilby Ltd. On 1 May 2020, Bilby Ltd sold inventory costing $300 to Dingo Ltd for $360 on credit. On 30 June 2020, only half of these goods had been sold by Dingo Ltd, but Dingo Ltd had paid $280 back to Bilby Ltd. The tax rate is 30%.
The adjusting consolidation entries at 30 June 2020 were:
Sales revenue Dr 360
Cost of sales Cr 330
Inventory Cr 30
Deferred tax asset Dr 9
Income tax expense Cr 9
Accounts payable Dr 80
Accounts receivable Cr 80
Required:
Question 1: Explain the rationale behind the adjustments to each of the accounts.
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