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Prepare the consolidation worksheet adjusting entries

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Reference no: EM132565110

Question - Intragroup transactions

Charlotte Ltd owns all the share capital of Aloise Ltd and the income tax rate is 30%. Prepare the consolidation worksheet adjusting entries for preparation of the consolidated financial statements for the following transactions as at 30 June 2019.

1- On 10 June 2019, Aloise Ltd sold inventories to Charlotte Ltd for $40 000 in cash. The inventories had previously cost Aloise Ltd $32 000. Half of these inventories were unsold by Charlotte Ltd at 30 June 2019.

2- During the period ended 30 June 2019, Aloise Ltd paid an interim dividend of $9 000 out of pre-acquisition profits.

3- On 20 July 2018, Aloise Ltd sold inventories to Charlotte Ltd for $20 000 in cash. The inventories had previously cost Aloise Ltd $16 000. One quarter of these inventories remained unsold by Charlotte Ltd at 30 June 2019.

4- On 1 September 2018, Alois Ltd sold an equipment to Charlotte Ltd for $38 000. This had a carrying amount to Sam Ltd of $28 000. Both entities depreciate equipment at a rate of 10% p.a. on cost.

Reference no: EM132565110

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