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Prepare the adjusting journal entries for consolidation

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Question - In June 2020, Genie Ltd sells inventories to Aladdin Ltd for $10,000 in cash. These inventories had previously cost Aladdin Ltd $6 000, and are on-sold externally on 30 June 2020 for $15,000.

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. Narrations are not required.

Reference no: EM132820543

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