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How to make adjustment journal entry required to eliminate

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The following transactions occurred between Fauci Ltd and its wholly owned subsidiary, Gupta Ltd. All transactions occurred during the year ended 30 June 2020 unless specifically stated otherwise. The company tax rate is 30%.

Fauci Ltd sold inventory to Gupta Ltd for $30,000. The inventory originally cost Fauci Ltd $19,000. By the end of the year, 40% of the inventory still remained on hand, the other 60% had been sold to an external party.

Question 1: How to Make the adjustment journal entries required to eliminate the intra-group transactions in the consolidation worksheet of Fauci Ltd Group at 30 June 2020.

Reference no: EM132576927

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