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On 30 April 2022, Snake Ltd transferred inventory costing $50,000 to Carpet Ltd for $80,000. Carpet Ltd treated this item as plant. The item was

On 30 April 2022, Snake Ltd transferred inventory costing $50,000 to Carpet Ltd for $80,000. Carpet Ltd treated this item as plant. The item was still on hand at 30 June 2022. Carpet Ltd applied a 10% depreciation rate to this plant.

The corporate tax rate is 30%

b. Prepare the consolidated statement of financial position using account format, for Carpet Ltd as at 30 June 2022. (10 marks)

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