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How to prepare adjustment journal entries required

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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%.

Two years ago, Gupta Ltd sold plant to Fauci Ltd for $100,000 on 30 June 2018. At the time of the sale, the plant was recorded by Gupta Ltd at a book value of $80,000 (net of depreciation). The plant is depreciated by Fauci Ltd on a straight-line basis over a useful life of 5 years with a residual value of zero.

Question 1: How to Prepare 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: EM132576906

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