Mat Ltd borrows $360 000 from Place Ltd on 1 July 2022 with an interest rate of
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Question:
- Mat Ltd borrows $360 000 from Place Ltd on 1 July 2022 with an interest rate of 6% p.a. The loan is for 5 years. The interest is to be paid monthly, starting on 1 July 2022.
- Gon Ltd owns all the share capital of Dola Ltd. Sean Ltd borrows $800 000 from Gon Ltd on 31 December 2022 with an interest rate of 6% p.a. The interest is to be paid annually in advance, starting on 31 December 2022.
Required:
In relation to the above intragroup transactions:
- Prepare adjusting journal entries for the consolidation worksheet at 30 June 2023.
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