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Prepare the adjustment journal entries required to eliminate

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The following transactions occurred between Fauci Ltd and its wholly owned subsidiary, Gupta Ltd. All transactions occurred during the year ended 30 June 2020 unless specifically stated otherwise. The company tax rate is 30%.

Gupta Ltd had purchased inventory from Fauci Ltd during the previous financial year ended 30 June 2019 for $120,000. The original cost of the inventory had been $95,000. The inventory still remained on hand by 30 June 2020.

Question 1: Prepare the adjustment journal entries required to eliminate the intra-group transactions in the consolidation worksheet of Fauci Ltd Group at 30 June 2020.

Reference no: EM132576895

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