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Create the adjustment journal entries required to eliminate

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The following transactions occurred between Fauci Ltd and its wholly owned subsidiary, Gupta Ltd. All transactions occurred during the year ended 30 June 2020 unless specifically stated otherwise. The company tax rate is 30%.

On 1 May 2020, Fauci Ltd borrowed a loan of $100,000 from Gupta Ltd. The annual interest charged on the loan is 8%. Accrued interest is paid twice a year on 30 June and 31 December.

Question 1: Create the adjustment journal entries required to eliminate the intra-group transactions in the consolidation worksheet of Fauci Ltd Group at 30 June 2020.

Reference no: EM132576901

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