Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Vixen Ltd owns all the share capital of Post Ltd and the income tax rate is 30%. _ In February 2020, Post Ltd sold inventories

Vixen Ltd owns all the share capital of Post Ltd and the income tax rate is 30%.

_ In February 2020, Post Ltd sold inventories to Vixen Ltd for $12 000, at a mark-up of 50% on cost. One-third of this inventory were unsold by Vixen Ltd at 30 June 2020, the rest were sold to external entities.

_ In December 2019, Vixen Ltd paid a $1500 interim dividend.

Required In relation to the above intragroup transactions prepare the appropriate general journal entries for the consolidation worksheet at 30 June 2020.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Principles Of Financial Auditing

Authors: Athmane Mokhbi

1st Edition

B09LGTJJFG, 979-8763532265

More Books

Students also viewed these Accounting questions