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Prepare consolidation entries for the financial year

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Reference no: EM132617700

James ltd acquired 100% of bond Ltd on 1 July 2017. The following intra group transactions have taken place between the two entities since this acquisition

  1. On 1 jan 2018 bond Ltd sold a machine to James ltd for $200000 and recorded a profit of 8000 . Bond Ltd bought this machine six years ago for $30000 and was deprecated it on a straight line basis over its estimated use ful life 10 years . James ltd will deprecated the machine using the same method over its remaining life
  2. On 1 may 2019 inventory costing $11000 was sold for $17000 by James ltd to bond Ltd. 60% of inventory was sold by 30 June 2019 remainder was sold in following financial year.

Required:

Problem 1: Prepare consolidation entries for the financial year ending 30 june 2020 assume tax rate 30%

Reference no: EM132617700

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