Sydney Ltd owns all of the shares of Mel Ltd. In relation to the following intragroup transactions, all parts of which are independent unless specified, prepare the consolidation worksheet adjusting entries for preparation of the consolidated financial statements as at 30 June 2019. Assume an income tax rate of 30%. d) In January 2019, MEL Ltd paid a $5 000 interim dividend. (e) SYD Ltd sold a warehouse to MEL Ltd for $150 000. This had originally cost SYD Ltd $123 000. The transaction took place on 1 January 2018. MEL Ltd charges depreciation at 5% p.a. on a straight-line basis. (f) In May 2019, a SYD sold inventories to MEL Ltd for $60 000. The inventories had previously cost the SYDentity $48 000. The entire inventory is still held by the MEL Ltd at reporting date, 30 June 2019. Ignoring tax effects, which of the following is the adjustment entry in the consolidation worksheet at reporting date? (g) SYD Ltd sold an item of plant to its subsidiary MelLtd on 1 January 2019 for $50 000. The asset had cost SYD Ltd $60 000 when acquired on 1 January 2015. At that time the useful life of the plant was assessed at 6 years. Rounded to the nearest dollar, the consolidation elimination entries at 30 June 2019 in relation to the sale of plant are which of the following?
Sydney Ltd owns all of the shares of Mel Ltd. In relation to the following intragroup transactions, all parts of which are independent unless specified, prepare the consolidation worksheet
d) In January 2019, MEL Ltd paid a $5 000 interim dividend.
(e) SYD Ltd sold a warehouse to MEL Ltd for $150 000. This had originally cost SYD Ltd $123 000. The transaction took place on 1 January 2018. MEL Ltd charges
(f) In May 2019, a SYD sold inventories to MEL Ltd for $60 000. The inventories had previously cost the SYDentity $48 000. The entire inventory is still held by the MEL Ltd at reporting date, 30 June 2019. Ignoring tax effects, which of the following is the adjustment entry in the consolidation worksheet at reporting date?
(g) SYD Ltd sold an item of plant to its subsidiary MelLtd on 1 January 2019 for $50 000. The asset had cost SYD Ltd $60 000 when acquired on 1 January 2015. At that time the useful life of the plant was assessed at 6 years. Rounded to the nearest dollar, the consolidation elimination entries at 30 June 2019 in relation to the sale of plant are which of the following?
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