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On 1 March 2019, Son Ltd sold inventory costing $12,000 to Parent Ltd for $16,000. On 1 October 2019, Parent Ltd sold half of these inventory items back to Son Ltd for $6,000. Of the remaining inventory kept by Parent Ltd, half was sold in March 2020 to Dingo Ltd at a profit of $400.
question:
The adjusting consolidation entries at 30 June 2019 for the last intragroup transaction (T2) is provided below.
Sales revenue Dr 16 000 Cost of sales Cr
Inventory Cr
Deferred tax asset (30%) Dr 1 200 Income tax expense Cr
12 000 4 000
1 200
Problem 1: Explain why the above entries are made for the intragroup transaction (T2) as at 30 June 2019, noting the adjustments to each account separately.
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