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Provide consolidation worksheet adjusting entries

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Reference no: EM132545579

Question 1 - XYZ Limited is a subsidiary of ABC Limited. The following transactions took between them during the month of March:

1st-XYZ Limited paid rent $1000 to ABCLimited for the month of March.

2nd-XYZ Limited declared a dividend of $1,500 to ABC Limited.

13th-XYZ Limited paid the dividend to ABC Limited declared on 2ndMarch.

14th-ABC Limited lends $10,000 to XYZ Limited paying interest at 10% every month.

15th-ABC Ltd issues 10$100 debentures with an interest rate of 15% p.a. payable on 15 March of each year to XYZ Limited.

Required - Provide consolidation worksheet adjusting entries for each of the transactions listed above.

Question 2 - Why is it necessary to make adjustments for intragroup transactions?

Question 3 - Where an intragroup transaction involves a depreciable asset, why is depreciation expense adjusted?

Reference no: EM132545579

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