Solved: Andy ltd acquires 100 interest in irons ltd on 1 july 2014, Accounting Basics

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Andy ltd acquires 100 interest in irons ltd on 1 july 2014

Question: Andy Ltd acquires 100% interest in Irons Ltd. On 1 July 2014 Andy Ltd sells an item of plant to Irons Ltd for $145 000 when its' carrying value in Andy Ltd's accounts was $101 250 (cost $168 750, accumulated depreciation $67 500). This plant is assessed as having a remaining useful life of 6 years and the tax rate is 30%.

Required: Provide consolidation journal entries for 30 June 2015 and 30 June 2016 to adjust for the above sale.

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Accounting Basics: Andy ltd acquires 100 interest in irons ltd on 1 july 2014

Reference No:- TGS02548048

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