Subsidiary Ltd - Journal Entries - Tax to Subsidiary - Accounting Assignment Help

Assignment Task:

Journal Entries Accounting Assignment Help

Provide consolidation journal entries based on information as follows 

Parent Ltd (Parent) owns 70% of the issued shares of Subsidiary Ltd (Subsidiary). During the period ended 30 June 2016, the following transactions took place.

(a) In August 2015, Parent sold to external entities $2,000 worth of inventories that had been sold to it by Subsidiary in April 2015 at a profit before tax to Subsidiary of $400.

(b) In March 2016, Parent sold $10,000 worth of inventories to Subsidiary, recording a profit before tax of $1,000. At 30 June 2016, 20% of these inventories remained unsold by Subsidiary.

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