Oops! It appears that you have disabled your Javascript. In order for you to see this page as it is meant to appear, we ask that you please re-enable your Javascript!

Accounting Assignment Help

Accounting -Assignment Help

You have an assignment to submit and an expert is just a call away, isn’t it wonderful? At Solvemyassignment.com you can have a qualified and experienced CPA working on your assignment and deliver the very best.

The assignments delivered by Solvemyassignment.com are plagiarism free, in conformity with the marking rubric and meets the Harvard/APA referencing standards. Our assignments would bring you appreciation from the professors and also in turn result in high grades.

Below is a sample assignment we would write for the given question.

The consolidation journals required in relation to all inter-entity transactions to consolidate T and U as at 30 June 2008:


The closing inventory of T Ltd at 30 June 2008 included goods that cost T $2,100
T purchased this inventory from U Ltd at cost plus 25.00%
Total purchases by T from U during the year ended 30 June 2008 were $9,000

The Consolidation Journal Adjustment entry to be recorded in this case would be as follows:


DRSales Revenue9000
CRCost of Goods Sold8580



Cost of goods sold by U Ltd. To T Ltd. = $9000/125% (U sold to T at cost + 25%)

= $7200

Out of the above purchases of $9000 made by T Ltd., goods amounting to $2100 are in closing inventory. So, the cost of goods sold made by T Ltd. Is $(9000-2100) = $ 6900.

So the total cost of goods sold by both companies is $(7200+6900)= $14100 out of which the cost of goods sold in relation to sale made by T Ltd. to outsider is $ 5520.

Therefore, the Cost of goods sold to be credited in Consolidation is = $(14100-5520) = $8580 and the remaining sales revenue of $(9000-8580) = $420 will be credited to Inventory.

(b) Non-current asset transfers

A motor vehicle was sold by U to T on 1 July 2007
The before-tax gain recorded by U on the sale was $4,800


Details of the asset are as follows:


Original cost$29,000
Carrying amount at the date of transfer$19,000
Remaining useful life (in years) at the date of transfer:4
All plant & equipment is depreciated on a straight line basis at $25%


CRMotor Vehicle4800
DROther Income4800

The gain on sale of the vehicle by U Ltd. has been eliminated in the consolidation.

(c) Inter-group dividends

All dividends paid during the 2008 year were paid from post-acquisition profits:


DRDividend Payable35000
CRDividend Receivables35000
DRDividend Revenue73000
CRFinal Dividend Declared35000
CRInterim Dividend paid38000

(d) Other inter-group transactions

On 30 June 2008, T made a loan to U. The loan is an interest only loan with an interest rate of 6.00%. Full repayment of the principal is due on 30 June 2010.


DRLoan from T Ltd.53000
CRLoan to U Ltd.53000

Since Loan is given on the last day of the accounts no interest is payable or receivable.

We are just a click away. Solvemyassignment.com is just the professional you need to provide you the best solution when you need Accounting Assignment Help, Strategy Assignment Help, Statistics Assignment Help or even Economics Assignment Help.

Call Now