In relation to the intragroup transactions, adjusting journal entries for the consolidations worksheet at 30 june 2020. Only adjusting entries need to be shown. Please answer all parts. Thank you.
Acct 3004 take home exam sem 1 2020 erences Mailings Review View A Aa Ap AaBbCcDdEr AaBbCcDdEc AaBbCcDdE AaBbCcDdEr AaBbCcD A . KA . Heading 3 Normal Title No Spacing Heading 1 10 11 12 13 14 15 16 17 1B ACCT3004 Company Accounting Question 2: Consolidations 2 (25 marks) (a) Aladdin Ltd owns all of the share capital of Genie Ltd. The income tax rate is 30%. The following transactions took place during the periods ended 30 June 2019 or 30 June 2020. (i) In January 2020, Aladdin Lid sells inventories to Genie Ltd for $15 000 in cash. These inventories had previously cost Aladdin Ltd $10 000, and remain unsold by Genie Ltd at the end of the period. (3 marks) (ii) In February 2020, Aladdin Ltd sells inventories to Genie Ltd for $17 000 in cash. These inventories had previously cost Aladdin Lid $12 000, and are on-sold externally on 2 April 2020. (2 marks) (iii) In February 2020, Genie Ltd sells inventories to Aladdin Ltd for $22 000 in cash 2020. (original cost to Genie Ltd was $16 000) and half are on-sold externally by 30 June (3 marks) (iv) In March 2020, Aladdin Ltd sold inventories for $10 000 to Zara Ltd, an external entity. These inventories were transferred from Genie Ltd on 1 June 2019. The inventories had originally cost Genie Ltd $6000, and were sold to Aladdin Lid for $12 000. (2 marks) 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. Answer journal for question 2(a) h (Australia) 17 4A . R AaBbCcDdEr AaBbCcDdEr AaBhCDdE AaBbCcDdEr AaBbCCD Heading 3 Normal Title No Spacing Heading 1 17 Downloadable exam End of Semester 1, 2020 ACCT3004 Company Accounting Question 2: Consolidations 2 - continued (b) Fred Lid owns all of the share capital of Wilma Ltd. The income tax rate is 30%. The (25 marks) following transactions took place during the periods ended 30 June 2022 and 30 June 2023. (i) On 10 June 2022, Fred Ltd sold inventories to Wilma Lid for $18 000 in cash. The inventories had previously cost Fred Lid $14 000. Half of these inventories were unsold by Wilma Ltd at 30 June 2022 and 30% at 30 June 2023. (7 marks) (ii) On 1 July 2021, Fred Lid sold equipment costing $10 000 to Wilma Lid for $12 000. Fred Ltd had not charged any depreciation on the asset before the sale as it just purchased it from an external entity. Both entities depreciate items of equipment at 10% p.a. on cost. The equipment is still held by Wilma Ltd at 30 June 2023. Neither entity uses a Gain on Sale account. (8 marks) Required In relation to the above intragroup transactions, prepare adjusting journal entries for the consolidation worksheet at 30 June 2022 and 30 June 2013. Only the adjusting entries need be shown. Answer journal for question 2(b)(i) Use the worksheet below to show your adjusting consolidation journal entries at 30 June sh (Australia) 17
