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Pass the necessary entry in June

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Question - On 1 July 2019 Manila Ltd sold an item of plant to Tokyo Ltd for $600,000 when its carrying value in Manila Ltd book was $800000 (costs $1200,000, accumulated depreciation $400,000). This plant has a remaining useful life of five (5) years from the date of sale. The group measures its property plants and equipment using a costs model. The tax rate is 30 per cent

Required - Pass the necessary entry in 30 June 2020 to eliminate the intra-group transfer of equipment?

Reference no: EM133033528

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