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Make the consolidation journal entries at june

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Reference no: EM132627939

On 1 January 2019, Parent Ltd acquired all of the equity in Subsidiary Ltd. The following intragroup transactions need to be considered in the preparation of the group's consolidated financial statements for the year ended 30 June 2020:

  1. At 1 July 2019, there was a profit in inventory of Subsidiary Ltd of $5,000 on goods acquired from Parent Ltd in the previous period. All this inventory was sold by 30 June 2020.
  2. On 1 September 2019, Subsidiary Ltd sold inventories to Parent Ltd for $6,000, this being as cost plus 20% mark up. Of these inventories, $1,200 remained on hand in Parent Ltd at 30 June 2020.
  3. Tax rate is 30%.

Required:

Problem 1: the consolidation journal entries at 30 June 2020 to adjust for the effects of the above intragroup transactions.

Reference no: EM132627939

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