Sione Ltd owns all of the shares of Joape Ltd. In relation to the following intragroup...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Sione Ltd owns all of the shares of Joape 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. (a) Sione Ltd sold inventory to Joape Ltd on 1 September 2018 for $27 000. This inventory had cost Sione Ltd $18 000. One-third of the inventory was sold by Joape Ltd to Goanna Ltd for $13 000 and one-third to Galah Ltd for $13 200. (b) Sione Ltd manufactures certain items which it then markets through Joape Ltd. During the current period, Sione Ltd sold items for S18 000 to Joape Ltd at cost plus 20%. Joape Ltd has sold 75% of these transferred items at 30 June 2019. (c) During June 2019, Joape Ltd declared a $2000 dividend. The dividend was paid in August 2019. (d) In January 2019, Joape Ltd paid a S4500 interim dividend. (e) Sione Ltd sold a warehouse to Joape Ltd for $150 000. This had originally cost Sione Ltd $123 000. The transaction took place on 1 January 2018. Joape Ltd charges depreciation at 5% p.a. on a straight-line basis. Sione Ltd owns all of the shares of Joape 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. (a) Sione Ltd sold inventory to Joape Ltd on 1 September 2018 for $27 000. This inventory had cost Sione Ltd $18 000. One-third of the inventory was sold by Joape Ltd to Goanna Ltd for $13 000 and one-third to Galah Ltd for $13 200. (b) Sione Ltd manufactures certain items which it then markets through Joape Ltd. During the current period, Sione Ltd sold items for S18 000 to Joape Ltd at cost plus 20%. Joape Ltd has sold 75% of these transferred items at 30 June 2019. (c) During June 2019, Joape Ltd declared a $2000 dividend. The dividend was paid in August 2019. (d) In January 2019, Joape Ltd paid a S4500 interim dividend. (e) Sione Ltd sold a warehouse to Joape Ltd for $150 000. This had originally cost Sione Ltd $123 000. The transaction took place on 1 January 2018. Joape Ltd charges depreciation at 5% p.a. on a straight-line basis.
Expert Answer:
Related Book For
Applying International Financial Reporting Standards
ISBN: 978-0730302124
3rd edition
Authors: Keith Alfredson, Ken Leo, Ruth Picker, Paul Pacter, Jennie Radford Victoria Wise
Posted Date:
Students also viewed these accounting questions
-
prepare the consolidation worksheet adjusting entries for preparation of the consolidated financial statements as at 30 June 2019 AND 30 JUNE 2020. (d) Platypus Ltd issued 1000 10% debentures of $100...
-
Dingo Ltd owns all of the shares of Bilby Ltd. In relation to the following intragroup transactions, all parts of which are independent unless specified, prepare the consolidation worksheet adjusting...
-
In relation to the following case situations, discuss whether you regard the reporting entities exposed to foreign exchange gains and losses in relation to the foreign entity.
-
Given the data (a) Calculate (2.8) using Newtons interpolating polynomials of order 1 through 3. Choose the sequence of the points for your estimates to attain the best possible accuracy. (b) Utilize...
-
The probability that a particular rotator cuff surgery is successful is 0.9. 1. Find the probability that three rotator cuff surgeries are successful. 2. Find the probability that none of the three...
-
The CFO for Yong Corporation is discussing with the company's chief executive officer issues related to the company's short-term obligations. Presently, both the current ratio and the acid-test ratio...
-
To see how an arbitrage opportunity may arise if parity is violated, say that the two-year rates in Australia and the USA are 5% and 7%, respectively, and that the spot price of 1 AUD is \(0.62...
-
The following events occurred during 2013 for various audit clients of your firm. Consider each event to be independent and the effect of each event to be material. 1. A manufacturing company...
-
select a business that would like to develop new products and services in order to attain a competitive advantage in the global market. For example, a natural foods company may need to begin offering...
-
An increasing number of Americans are moving to a warmer climate when they retire. To take advantage of this trend, Sunny Skies Unlimited is undertaking a major real estate development project. The...
-
. Suppose the difference in score (post minus pre) for all students who take the prep course is known to follow a normal distribution with a known population mean difference of 8 points and a known...
-
How do poststructuralist theorists like Roland Barthes and Michel Foucault destabilize authorial authority and disrupt fixed interpretations of literary texts, inviting readers to actively...
-
How does the accounng for biological assets differ from the accounng for other inventory items? 2) How does Aurora Cannabis determine the stage of compleon for cannabis plants? Does any part of this...
-
Use the simple implicit method to solve for the temperature distribution of a long, thin rod with a length of 9 cm and the following values: k 0.49 cal/(s-cm-C), Az = 2 cm, and At = 0.1 s. At t = 0,...
-
Provide a current evaluation of the status of the following: unemployment rate in the United States, inflation rate in the United States, and labor force participation rate in the United States....
-
High-functioning teams are not created overnight. It can take weeks or even months for team members to learn how to work together. Team-building activities are one way to facilitate that transition....
-
Due to increased awareness by organisations of strategic human resource development as a key driver for business performance, more demands are being placed on HR to incorporate effective employee...
-
Determine the reactions in supports A and D and connections B and C. Sketch its shear and moment diagram and determine the magnitude ankoration of the maximum shear and moment for every member. 18 3...
-
What are the main objectives of IFRS 13
-
When determining the amount of the proceeds from options and warrants, how is the average share price established?
-
When can an entity reverse past impairment losses?
-
Novo Nordisk is a Denmark-based biopharmaceutical company with a focus on diabetes drugs. The company provides detailed disclosure of revenue along geographic, business segment, and product lines....
-
Use the data in Example 1 on Novo Nordisk to answer the following questions: i. Xiaoping Wu is an equity analyst covering European pharmaceutical companies for his clients in China. Wu projects that...
-
Walgreens and Rite Aid are two of the largest retail drugstore chains in the United States. For both companies, around two-thirds of their sales are from prescription pharmaceuticals, with the...
Study smarter with the SolutionInn App