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Prepare the consolidation worksheet entries

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Question - Liberty Ltd is a wholly owned subsidiary of Bell Ltd. The following transactions have occurred:

In May 2018, Bell Ltd provides administrative services to Liberty Ltd for $38,000. At 30 June 2018, $6,500 remains unpaid.

At 30 June 2018, Bell Ltd declared a dividend of $10,000, while Liberty Ltd declared a dividend of $7,500.

Bell Ltd sold inventory to Liberty Ltd on 1 November 2017 for $45,000. This inventory had originally cost Bell Ltd $41,000. One half of the inventory was sold by Liberty Ltd to Tangia Ltd for $26,000 in June 2018.

On 31 March 2017, Liberty Ltd sold inventory, which had originally cost $15,500, to Bell Ltd for $18,000. In July 2017, Bell Ltd sold all inventory to customers for $21,000.

On 1 July 2015, Bell Ltd sold machinery to Liberty Ltd at a transfer price of $84,000. The machinery had been written down to $59,000 at the time of sale. Machinery is depreciated on a straight line basis at 20% p.a.

Required - Prepare the consolidation worksheet entries for the preparation by Bell Ltd of its consolidated financial statements at 30 June 2018, in accordance with AASB 10 Consolidated Financial Statements.

Reference no: EM132978410

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