a. In June 2020, Genie Ltd sells inventories toAladdin Ltd for $10 000 in cash. Theseinventories had previously cost Aladdin Ltd $6000, and are on-sold externally on 30 June2020 for $15 000.RequiredIn relation to the above intragrouptransactions, prepare adjusting journal entriesfor the consolidation worksheet at 30 June2020. Only the adjusting entries need beshown. Narrations are not required.

The adjusting entries of intragroup transaction are needed to eliminate the effects of these…

In relation to the above intragroup transactions, prepare adjusting journal entries for the consolidation worksheet at 30 June 2020. Only the adjusting entries need be shown. Narrations are not required.

In relation to the above intragroup transactions, prepare adjusting journal entries for the consolidation worksheet at 30 June 2020. Only the adjusting entries need be shown. Narrations are not required.

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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Concept explainers

Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.

Question

a. In June 2020, Genie Ltd sells inventories to
Aladdin Ltd for $10 000 in cash. These
inventories had previously cost Aladdin Ltd $6
000, and are on-sold externally on 30 June
2020 for $15 000.
Required
In relation to the above intragroup
transactions, prepare adjusting journal entries
for the consolidation worksheet at 30 June
2020. Only the adjusting entries need be
shown. Narrations are not required.

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