Rita Ltd owns all the share capital of Pidani Ltd. The income tax rate is 30%. i)
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Question:
Rita Ltd owns all the share capital of Pidani Ltd. The income tax rate is 30%.
i) On 1 January 2020, Rita Ltd provided a loan of $9 000 to Pidani Ltd. The loan remains outstanding as at year end.
ii) During 1 May 2020, Pidani Ltd declared a $3 000 dividend. The dividend was paid in 9 August 2020.
Required
In relation to the above intragroup transactions, prepare adjusting journal entries for the consolidation worksheet for the year ended 30 June 2020.
Related Book For
Basic Finance An Introduction to Financial Institutions, Investments and Management
ISBN: 978-1285425795
11th Edition
Authors: Herbert B. Mayo
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