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Prepare adjusting journal entries

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Question - In March 2020, Aladdin Ltd sold inventories for $10 000 to Zara Ltd, an external entity. These inventories were transferred from Genie Ltd on 1 June 2019. The inventories had originally cost Genie Ltd $6000, and were sold to Aladdin Ltd for $12 000.

Required - In relation to the above intragroup transactions, prepare adjusting journal entries for the consolidation worksheet at 30 June 2020. Only the adjusting entries need be shown.

Reference no: EM132566068

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