A non-current asset with a carrying amount of $2700 was sold by the parent to its subsidiary for $700 on 1 January 2019. The subsidiary intended to use this item as inventory, being a seller of second-hand goods. Both entities charged depreciation at the rate of 15% p.a. on the diminishing balance on non-current assets. The item was still on hand at 30 June 2019. Assume an income tax rate of 30%. Prepare the consolidation worksheet adjusting entries for preparation of the consolidated financial statements as at 30 June 2019 Answer: Sales revenue ÷ Dr Your last answer was interpreted as follows: 700 ÷ $700 Cost of sales Cr ÷ $ 2700 Your last answer was interpreted as follows: 2700 (No answer given) (No answer given) $ (No answer given) ÷ (No answer given) $

A non-current asset with a carrying amount of $2700 was sold by the parent to its subsidiary for $700 on 1 January 2019. The subsidiary intended to use this item as inventory, being a seller of second-hand goods. Both entities charged depreciation at the rate of 15% p.a. on the diminishing balance on non-current assets. The item was still on hand at 30 June 2019. Assume an income tax rate of 30%. Prepare the consolidation worksheet adjusting entries for preparation of the consolidated financial statements as at 30 June 2019 Answer: Sales revenue ÷ Dr Your last answer was interpreted as follows: 700 ÷ $700 Cost of sales Cr ÷ $ 2700 Your last answer was interpreted as follows: 2700 (No answer given) (No answer given) $ (No answer given) ÷ (No answer given) $

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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