Accounting Assignment Help
Accounting Assignment Help
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The consolidation journals required in relation to all inter-entity transactions to consolidate T and U as at 30 June 2008:
The closing inventory of T Ltd at 30 June 2008 included goods that cost T $2,100 T purchased this inventory from U Ltd at cost plus 25.00% Total purchases by T from U during the year ended 30 June 2008 were $9,000
The Consolidation Journal Adjustment entry to be recorded in this case would be as follows:
|CR||Cost of Goods Sold||8580|
Cost of goods sold by U Ltd. To T Ltd. = $9000/125% (U sold to T at cost + 25%)
Out of the above purchases of $9000 made by T Ltd., goods amounting to $2100 are in closing inventory. So, the cost of goods sold made by T Ltd. Is $(9000-2100) = $ 6900.
So the total cost of goods sold by both companies is $(7200+6900)= $14100 out of which the cost of goods sold in relation to sale made by T Ltd. to outsider is $ 5520.
Therefore, the Cost of goods sold to be credited in Consolidation is = $(14100-5520) = $8580 and the remaining sales revenue of $(9000-8580) = $420 will be credited to Inventory.
(b) Non-current asset transfers
A motor vehicle was sold by U to T on 1 July 2007 The before-tax gain recorded by U on the sale was $4,800
Details of the asset are as follows:
|Carrying amount at the date of transfer||$19,000|
|Remaining useful life (in years) at the date of transfer:||4|
|All plant & equipment is depreciated on a straight line basis at $25%|
The gain on sale of the vehicle by U Ltd. has been eliminated in the consolidation.
(c) Inter-group dividends
All dividends paid during the 2008 year were paid from post-acquisition profits:
|CR||Final Dividend Declared||35000|
|CR||Interim Dividend paid||38000|
(d) Other inter-group transactions
On 30 June 2008, T made a loan to U. The loan is an interest only loan with an interest rate of 6.00%. Full repayment of the principal is due on 30 June 2010.
|DR||Loan from T Ltd.||53000|
|CR||Loan to U Ltd.||53000|
Since Loan is given on the last day of the accounts no interest is payable or receivable.
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