Dipendra Ltd owns all the shares capital of Kiran Ltd. On 1 September 2021, Dipendra Ltd sold
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Question:
Dipendra Ltd owns all the shares capital of Kiran Ltd. On 1 September 2021, Dipendra Ltd sold inventory to Kiran Ltd $21,800. Dipendra Ltd originally purchased the inventory for $15,260. 50% of the inventory in Kiran Ltd was sold outside the group by 31 December 2021 (financial year end).
The tax rate is 30%.
Record the consolidation elimination entries for the intragroup sale of inventory from the above data.
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