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Prepare the consolidated entry for the year ending June

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Reference no: EM133072926

Question - Assume that on 27 June 2018 (current period), Subsidiary Ltd declared (but not paid) $20,000 final dividend to Parent Ltd.

Assume that: Parent has 100% interest in Subsidiary; and the date of consolidation is on 30 June 2018.

Subsidiary Ltd rented a spare warehouse to Parent Ltd. The monthly rent of the warehouse was $5,000. At the end of the financial year 30 June 2018, Parent Ltd has paid only $4,000 ($1,000 was outstanding).

During the current period, ending 30 June 2018, Parent Ltd lends $10,000 to Subsidiary Pty. Limited. $1,000 interest was paid at the end of the year.

During the financial year 30 June 2018, Sub Pty. Ltd. sold inventory to Parent Ltd for $100,000 cash. The inventory costs Sub Pty Ltd $70,000 to produce. was still "on hand" with Parent Ltd at 30 June 2018.

On 1 July 2017, A. Ltd sells plant to B Pty. Ltd. for $7,000.

cost $10,000

accumulated depreciation $4,000.

Plant has a remaining useful life of 5 years.

Prepare the consolidated entry for the year ending 30 June 2018.

Reference no: EM133072926

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