Question
In June 2020, Genie Ltd sells inventories to Aladdin Ltd for $10 000 in cash. These inventories had previously cost Aladdin Ltd $6 000, and
- In June 2020, Genie Ltd sells inventories to Aladdin Ltd for $10 000 in cash. These inventories had previously cost Aladdin Ltd $6 000, and are on-sold externally on 30 June 2020 for $15 000.
Required
In relation to the above intragroup transactions, prepare adjusting journal entries for the consolidation worksheet at 30 June 2020. Only the adjusting entries need be shown. Narrations are not required.
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Cost Accounting A Managerial Emphasis
Authors: Charles T. Horngren, Srikant M. Datar, Madhav V. Rajan
14th Global Edition
978-0273753872, 0273753878
