Journal entries when preparing the groups accounts

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Reference no: EM133496070

Question 1. During the year Grande Ltd sold goods to Petit Ltd for $450,000. These goods originally cost Grande Ltd $110,000. At year-end, 95% of these goods remained in Petit Ltd's closing inventory. We have recognized profit of $340,000 from the sale which has improved our overall profits and pleased the CEO. Do we need to do anything else? Do I need further journal entries when preparing the group's accounts? If so, please provide me with the journal entries and explanations for these.

Reference no: EM133496070

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