please answer wirhin 30 minutes.. Positive ltd acquired an 80% stake in Strong Ltd in20x1. During the year 20x2, the following inter-company transactions took place.• Positive extended a loan of $200,000 to Strong on 1April 20x2 with an interest rate of 4% per annum.Interest for the year ended 31 December 20x2 hadnot been paid but were recorded in the books of bothcompanies appropriately.• Strong sold some inventory to Positive for $80,000at a margin of 5%. Half of these goods were stillunsold at the end of the year. As at 31 December20x2, Positive's records showed that it owed Strong$20,000 but the latter's financial statements indicateda receivable of $30,000. The difference had beenattributed to a payment made by Positive that wasstill being processed by the bank.Required: Prepare the consolidation journal entries forthe elimination of the above inter-companytransactions for the year ended 31 December 20x2.

1) Dr. Loan payable ( Strong books) 26000 Cr. loan receivable (Position books) 26000 (Note 1) 2)…

Answered: Required: Prepare the consolidation…

Business

Accounting

Required: Prepare the consolidation journal entries for the elimination of the above inter-company 24

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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