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Question - The following intragroup sales were recorded for Eco Berhad and its subsidiaries for the financial years ended 31 December 2019 and 2020 respectively:
(i) Year 2019: Intragroup sales at invoice prices amounted to RM2,400,000 of which RM500,000 remained in the closing inventories of the buying companies.
(ii) Year 2020: Intragroup sales at invoice prices amounted to RM2,000,000 of which RM1,000,000 remained in the closing inventories of the buying companies.
The profit element on intragroup sales to the selling companies was at 20% of the invoice prices. Income tax rate was at 25% for both financial years.
Required - Show the consolidation adjustments to eliminate the intragroup transactions and unrealized profits for both financial years 2019 and 2020. Marks will be allocated for narrations.
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