Worksheet entries for intragroup transactions

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QUESTION 11.5
Worksheet entries for intragroup transactions: inventories, warehouse, and dividends
( LO2, 3, 6)
Hilary Ltd owns all the issued shares of Chelsea Ltd. In relation to the following
intragroup transactions, prepare the consolidation worksheet adjustment entries for 30
June 2022. Assume an income tax rate of 30%.
(a) Hilary Ltd sold supplies to Chelsea Ltd on 1 September 2021 for $27  000. These
supplies had cost Hilary Ltd $9  000. Hilary Ltd recorded the sale as other income.
Chelsea Ltd had used two thirds of the supplies by 30 June 2022.
(b) Hilary Ltd manufactures certain items which it then markets through Chelsea Ltd.
On 1 January 2022, Hilary Ltd sold items for $300 000 to Chelsea Ltd at cost plus
20%. Chelsea Ltd has sold 75% of these transferred items to external entities by 30
June 2022.
(c) On 1 January 2022, Hilary Ltd sold a warehouse to Chelsea Ltd for $150  000 that
had a book value of $120  000 (cost $130 000 and accumulated depreciation $10 000)
Hilary Ltd recorded the proceeds from sale as revenue. Chelsea Ltd charges
depreciation at 5% p.a. on a straight-line basis.
(d) In June 2022, Chelsea Ltd declared a dividend of $20 000 and recognised it as a
liability. The dividend was paid to Hilary Ltd in August 2022.
(e) In September 2021, Chelsea declared a dividend of $15 000. The dividend was
recognised against inter-company accounts. The balance of the intercompany
accounts at 30 June 2022 is $50 000.
(f) In January 2022, Chelsea Ltd paid an interim dividend of $4500 and Hilary paid an
interim dividend of $9000.
CONSOLIDATION WORKSHEET ENTRIES 30 JUNE 2022
This question highlights the importance of paying close attention to how the intragroup
transactions have been accounted for in the legal records of the parent and subsidiary.
(a) Intragroup sale of supplies in current period with unrealised profit in supplies
Other Income
Dr
27 000
Supplies Expense
Cr
Supplies
Cr
Deferred Tax Asset
Dr
1 800
Income Tax Expense
Cr
Calculations
Unrealised profit b/t in supplies $6000 [= ($27 000 – $9000) x 1/3 on hand]
Supplies expense $21 000 [= $9000 + ($27 000 x 2/3 used) – ($9000 x 2/3 used)]
Tax effect $1800 [= 30% x $6000]
(b) Intragroup sale of inventories in current period with unrealised profit in ending
inventories
Sales
Cost of Sales
Inventories
Dr
Cr
Cr
300 000
287 500
12 500
Deferred Tax Asset
Dr
3 750
Income Tax Expense
Cr
3 750
Calculations
Cost of sales to Hilary $250 000 [= $300 000 ÷ 1.2] using sales amount and mark up 20%
Cost of sales to Chelsea $225 000 [= $300 000 x 75%]
Cost of sales to the group $187 500 [= $250 000 x 75%]
Adjustment for cost of sales $287 500 [=$250 000 + $225 000 – $187 500]
Unrealised profit b/t in ending inventories $12 500 [= ($300 000 – $250 000) x 25% on hand]
Tax effect $3750 [= 30% x $12 500]
(c) Intragroup transfer of warehouse midway in current period with unrealised profit
and excess depreciation
Proceeds from Sale of Warehouse Dr 150 000
Carrying Amount of Warehouse Sold Cr 120 000
Accumulated Depreciation 10 000
Warehouse – at cost Cr 20 000
Deferred Tax Asset Dr 9 000
Income Tax Expense Cr 9 000
Accumulated Depreciation Dr 750
Depreciation Expense Cr 750
Income Tax Expense Dr 225
Deferred Tax Asset Cr 225
Calculations
Cost adjustment $20 000 [= $150 000 – $130 000]
Gain on sale b/t $30 000 [= $150 000 – $120 000]
Tax effect $9000 [= 30% x $30 000]
Excess depreciation $750 [= $30 000 x 5% x ½ year]
Tax effect $225 [= 30% x $750]
Unrealised profit b/t at period end $29 250 [= $30 000 – $750]
Deferred tax asset at period end $8775 [= 30% x $29 250]
(d) Dividend declared and dividend payable recognised at end of current period
Dividend Payable Dr 20 000
Dividend Declared Cr 20 000
Dividend Revenue Dr 20 000
Dividend Receivable Cr 20 000
Alternative journal entry
Dividend Payable
Dr
20 000
Dividend Receivable
Cr
20 000
Dividend Revenue
Dr
20 000
Dividend Declared
Cr
20 000
(e) Dividend declared in current period and intercompany accounts at end of period
Dividend Revenue Dr 15 000
Dividend Declared Cr 15 000
Intercompany Payable Dr 50 000
Intercompany Receivable Cr 50 000
Explanation
The full amount of the intercompany payable/receivable at period end is eliminated
(f) Interim dividend paid during the current period
Dividend Revenue Dr 4 500
Dividend Paid Cr 4 500
Explanation
Only the interim dividend of the subsidiary is intragroup. The interim dividend paid by the
parent is included in the consolidated financial statements.
Note re dividends
In accordance with paragraph 12 of AASB 110/IAS 10 Events After the Reporting Period,
dividends declared after the end of the reporting period shall not be recognised as a liability at
the end of the reporting period. Moreover, paragraph 5.7.1A of AASB 9/IFRS 9 Financial
Instruments requires that a dividend receivable should not be recognised unless the shareholder
has a right to receive the dividend.
The consolidation entries for dividends will follow from what has been recognised in legal
records of the parent and subsidiary. If a dividend declared has been recognised as dividend
payable and dividend receivable, then consolidation entries are required for these accounts.
Alternatively, if the accounting records of the subsidiary and parent only recognised intragroup
dividends when paid/received, then no entries would be required until there was a cash flow.
QUESTION 11.6
Worksheet entries for intragroup transactions: inventories, PPE, debentures, and
dividends (LO2, 3, 4, 6, 7)
Tippi Ltd owns all the issued shares of Melanie Ltd. In relation to the following
intragroup transactions, prepare the consolidation worksheet adjustment entries for 30
June 2022. Assume an income tax rate of 30%.
(a) During the year ending 30 June 2022, Melanie Ltd sold $65  000 worth of inventories
to Tippi Ltd. Melanie Ltd recorded $16 000 profit before tax on these transactions.
At 30 June 2022, Tippi Ltd has one-quarter of these goods still on hand.
(b) Tippi Ltd manufactures items of machinery which are used as property, plant and
equipment by other companies, including Melanie Ltd. On 1 January 2022, Tippi
Ltd sold an item to Melanie Ltd for $54  000, its cost to Tippi Ltd being only $40  000
to manufacture. Melanie Ltd charges depreciation on these machines at 20% p.a. on
the diminishing balance.
(c) On 1 January 2022, plant with a carrying amount of $12 000 was sold by Melanie
Ltd to Tippi Ltd for $9000. Tippi Ltd recorded this asset as an inventories item,
being a seller of second-hand goods. Both entities charged depreciation at the rate of
10% p.a. on the diminishing balance on non-current assets. The item was still on
hand at 30 June 2022.
(d) On 1 July 2018, Tippi Ltd issued 10 000 10% debentures of $100 at nominal value.
Melanie Ltd acquired 5000 of these. Interest is payable half-yearly on 31 December
and 30 June. The debentures are due for redemption on 30 June 2028.
(e) On 1 October 2021, Tippi Ltd issued 10 000 10% debentures of $100 at nominal
value. Melanie Ltd acquired 3000 of these. Interest is payable half-yearly on 31
March and 30 September. Accruals have been recognised in the accounting records
at 30 June 2022. The debentures are due for redemption on 30 September 2031.
(f) On 25 June 2022, Tippi Ltd declared a dividend of $16 000. On the same day, Melanie
Ltd declared a dividend of $8000. The dividends are scheduled for payment on 25
July 2022.
CONSOLIDATION WORKSHEET ENTRIES 30 JUNE 2022
(a) Intragroup sale of inventories in current period with unrealised profit in ending
inventories
Sales Dr 65 000
Cost of Sales Cr 61 000
Inventories Cr 4 000
Deferred Tax Asset Dr 1 200
Income Tax Expense Cr 1 200
Calculations
Melanie cost of sales $49 000 [= $65 000 – $16 000]
Tippi cost of sales $48 750 [= $65 000 x 75% sold]
Group cost of sales $36 750 [= $49 000 x 75% sold]
Cost of sales adjustment $61 000 [= $49 000 + $48 750 – $36 750]
Unrealised profit b/t in ending inventories $4000 [= $16 000 x 25% on hand]
Tax effect $1200 [= 30% x $12 500]
(b) Intragroup transfer of inventories midway through current period reclassified as a
non-current asset with unrealised profit and excess depreciation
Sales Dr 54 000
Cost of Sales Cr 40 000
Machinery Cr 14 000
Deferred Tax Asset Dr 4 200
Income Tax Expense Cr 4 200
Accumulated Depreciation Dr 1 400
Depreciation Expense Cr 1 400
Income Tax Expense Dr 420
Deferred Tax Asset Cr 420
Calculations
Profit before tax $14 000 [= $54 000 – $40 000]
Tax effect $4200 [= 30% x $14 000]
Excess depreciation $1400 [= $14 000 x 20% x ½ year]
Tax effect $420 [= 30% x $1400]
Unrealised profit b/t at period end $12 600 [= $14 000 – $1400]
Deferred tax asset at period end $3780 [= 30% x $12 600]
(c) Intragroup sale of plant in current period reclassified as inventories with unrealised
loss
Inventories Dr 3 000
Loss on Sale of Plant Cr 3 000
Income Tax Expense Dr 900
Deferred Tax Liability Cr 900
Calculations
Unrealised loss b/t in ending inventories $3000 [= $9000 – $12 000]
Tax effect $900 [= 30% x $3000]
Solution assumes net realisable value of the inventory item is not lower than $12 000
Alternative journal entry
Inventories
Dr
3 000
Proceeds from Sale of Plant
Dr
9 000
Carrying Amount of Plant Sold
Cr
12 000
(d) Intragroup issue of debentures at nominal value in prior period with interest due on
31 December and 30 June
Debentures Liability Dr 500 000
Debentures in Tippi Ltd Cr 500 000
Interest Revenue Dr 50 000
Interest Expense Cr 50 000
Calculations
Intragroup debentures $500 000 [= 5000 debentures x $100]
Interest expense/revenue $50 000 [= $500 000 x 10%]
(e) Intragroup issue of debentures at nominal value during current period with interest
due on 31 March and 30 September
Debentures Liability Dr 300 000
Debentures in Tippi Ltd Cr 300 000
Interest Revenue Dr 22 500
Interest Expense Cr 22 500
Interest Payable Dr 7 500
Interest Receivable Cr 7 500
Calculations
Intragroup debentures $300 000 [= 3000 debentures x $100]
Interest expense/revenue $22 500 [= $300 000 x 10% x 9/12 months]
Interest payable/receivable $7500 [= $300 000 x 10% x 3/12 months]
(f) Dividend declared and dividend payable recognised at the end of current period
Dividend Payable Dr 8 000
Dividend Declared Cr 8 000
Dividend Revenue Dr 8 000
Dividend Receivable Cr 8 000
Explanation
Only the dividend declared by the subsidiary is intragroup. The dividend declared by the
parent is included in the consolidated financial statements.
QUESTION 11.12
Consolidation worksheet with adjustment entries for intragroup transactions for
inventories, PPE, dividends, and debentures (LO2, 3, 4, 6, 7)
On 1 July 2019, Naomi Ltd acquired all the issued shares of Ashley Ltd. The recorded
equity of Ashley Ltd at this date consisted of:
Share capital $ 120  000
General reserve
25000
Retained earnings
55000
    At 1 July 2019, all the identifiable assets and liabilities of Ashley Ltd were recorded at
fair value except for the following assets:
Carrying amount
$ 100000
78500
Fair value
$ 130000
86100
Land
Inventories
Machinery (cost $86000)
52000
56000
Vehicles (cost $58000)
47000
53000
                    At 1 July 2019, Ashley Ltd owned but had not recorded an internally generated brand
name. This brand name was considered by Naomi Ltd to have a fair value of $29  000 and
an indefinite useful life. An impairment test conducted with respect to the brand name
on 30 June 2022 concluded that its recoverable amount at that date was $2000 less than
its carrying amount.
The vehicles and machinery were expected to have a further useful life of 6 and 8 years
respectively, with benefits to be received evenly over those periods. Inventories on hand
at 1 July 2019 were all sold by 31 January 2020. The land owned at 1 July 2019 was sold
in September 2020 for $150  000. The machinery on hand at 1 July 2019 was sold on 1
January 2022 for $38  000.
Adjustments for the differences between carrying amounts and fair values of assets and
liabilities on hand at acquisition date are recognised on consolidation. When assets are
sold or derecognised, any related valuation reserves are transferred to retained earnings.
The trial balances of both companies at 30 June 2022 showed the following balances:
Debit balances Naomi Ltd Ashley Ltd
Cash $    2  500 $   1  250
Receivables 27  000 13  000
Inventories 39  700 24  500
Other current assets 15  200 8  200
Deferred tax assets 7  500 3  500
Vehicles 88  000 158  000
Equipment — 42  000
Land 140  000 180  000
Financial assets 68  000 14  800
Intangible assets 28  000 15  000
Shares in Ashley Ltd 250  000 —
Debentures in Naomi Ltd — 25  000
Dividend paid 10  000 5  000
Dividend declared 20  000 12  000
Transfer to general reserve 10  000 5  000
Cost of sales 210  000 192  550
Income tax expense 30  000 32  000
Depreciation and other expenses 39  000 36  000
Carrying amount of machinery sold — 30  500
Carrying amount of equipment sold    21  000    —
$ 1  005  900 $ 798  300
Credit balances
Share capital $ 200  000 $ 120  000
General reserve 35  000 30  000
Retained earnings (1/7/21) 51  300 67  500
Accounts payable 69  500 36  000
Loan payable (due 30/6/26) 25  000 15  000
Dividend payable 20  000 12  000
Provisions 12  500 9  300
Current tax liability 43  000 34  000
Deferred tax liability 11  800 5  000
Accumulated depreciation — vehicles 16  400 60  000
Accumulated depreciation — equipment — 34  500
8% Debentures (mature 30/6/25) 25  000 —
Sales revenue 450  000 320  000
Dividend revenue 17  000 —
Other income 11  400 17  000
Proceeds on sale of equipment 18  000 —
Proceeds on sale of machinery    — 38  000
$ 1  005  900 $ 798  300
Additional information
(a) On 1 January 2022, Naomi Ltd sold an item of equipment to Ashley Ltd for $18  000.
The equipment had a carrying amount at the date of sale of $21  000. Both companies
depreciate equipment at 20% p.a. on a straight-line basis.
(b) On 1 May 2021, Ashley Ltd sold a machine to Naomi Ltd for $7800. The machine had
a carrying amount of $7000 at the date of sale. Naomi Ltd recorded the machine as
inventories. In November 2021, the item was sold to an external party for $8200.
(c) On 1 July 2020, Naomi Ltd issued 250 $100 debentures to Ashley Ltd with interest at
8% p.a. paid on 30 June and 31 December each year. The debentures are due for
redemption on 30 June 2025.
(d) During the 2021–22 financial year, Naomi Ltd sold inventories to Ashley Ltd for
$75  000. The cost of these inventories to Naomi Ltd was $70  000. Of these inventories,
25% are still on hand at 30 June 2022.
(e) During the 2021–22 financial year, Ashley Ltd paid an interim dividend of $5000 to
Naomi Ltd and declared a further dividend of $12 000 that has not been paid by year end.
(f) The transfer to general reserve recorded by Ashley Ltd in the current year was from
retained earnings earned after 1 July 2019.
(g) The tax rate is 30%.
Required
Prepare the consolidation worksheet of the Naomi Ltd group for 30 June 2022. Show all
workings.
ACQUISITION ANALYSIS
At 1 July 2019:
Recorded equity of Ashley Ltd
=
=
=
$120 000 + $25 000 +$55 000
$200 000
+ $6 000 (1 – 30%) (vehicles)
+ $4 000 (1 – 30%) (machinery)
+ $30 000 (1 – 30%) (land)
Fair value/other adjustments after tax
+ $7 600 (1 – 30%) (inventories)
+ $29 000 (1 – 30%) (brand name)
=
+ $53 620
Net fair value of identifiable assets and
liabilities of Ashley Ltd
Consideration transferred
Gain on bargain purchase
=
=
=
$253 620
$250 000
$3 620
WORKSHEET ENTRIES FOR 30 JUNE 2022
Business combination valuation entries:
1. Recognition of fair value adjustment of $6000 for vehicles still on hand
Accumulated Depreciation – Vehicles
Vehicles
Dr
Cr
11 000
5 000
Deferred Tax Liability
Cr
1 800
Business Combination Valuation Reserve
Cr
4 200
2. Additional depreciation for vehicles of $1000 p.a. [=$6000 x 1/6] for 3 years from 1/7/19
Depreciation Expense – Vehicles Dr 1 000
Retained Earnings (1/7/21) Dr 2 000
Accumulated Depreciation – Vehicles Cr 3 000
Deferred Tax Liability Dr 900
Income Tax Expense Cr 300
Retained Earnings (1/7/21) Cr 600
3. Recognition of fair value adjustment of $4000 for machinery sold during the period
Carrying Amount of Machinery Sold Dr 2 750
Retained Earnings (1/7/21) Dr 700
Depreciation Expense Dr 250
Income Tax Expense Cr 900
Transfer from Business Combination
Valuation Reserve
Cr 2 800
Explanations
Additional depreciation is $500 p.a. [=$4000 x 12.5%] for 2.5 years
Depreciation expense $250 [= $500 x ½ year]
Retained earnings (1/7/21) $700 [= $500 x 2 years x (1 – 0.30)]
Gain on sale $2 750 = [$4000 – ($500 x 2.5 yrs.)]
Transfer from BCVR $2800 [= $4000 x (1 – 0.30)]
4. Recognition of unrecognised asset of $29 000 for brand name still on hand
Brand Name Dr 29 000
Deferred Tax Liability Cr 8 700
Business Combination Valuation Reserve Cr 20 300
5. Recognition of impairment loss on brand name of $2000 in current period
Impairment Loss Dr 2 000
Accumulated Impairment Losses Cr 2 000
Deferred Tax Liability Dr 600
Income Tax Expense Cr 600
Pre-acquisition entries:
6. Elimination of investment asset against pre-acquisition equities
Retained Earnings (1/7/21)
Share Capital
Dr
Dr
81 320
120 000
General Reserve
Dr
25 000
Business Combination Valuation Reserve
Dr
27 300
Gain on Bargain Purchase
Cr
3 620
Shares in Ashley Ltd
Cr
250 000
Transfer from Business Combination Valuation
Reserve
Dr 2 800
Business Combination Valuation Reserve Cr 2 800
Explanations
Retained earnings (1/7/21) $81 320 [= $55 000 + $37 600 x (1 – 0.30) fair value adjustments
after tax for inventories and land sold in prior period]
Business combination valuation reserve $27 300 [= $10 000 x (1 – 0.30) fair value adjustments
for machinery and vehicles + $29 000 x (1 – 0.30) for brand name]
Check: Fair value/other adj. $53 620 [= Retained earn (op.) $26 320 + BCVR (op.) $27 300]
Transfer from BCVR $2800 [= 4000 x (1 – 0.30) fair value adj. for machine sold during year]
Intragroup transactions:
7. Dividend paid by subsidiary of $5000 during the period
Dividend Revenue Dr 5 000
Dividend Paid Cr 5 000
8. Dividend declared/payable by subsidiary of $12 000 at period end
Dividend Payable Dr 12 000
Dividend Declared Cr 12 000
Dividend Revenue Dr 12 000
Dividend Receivable Cr 12 000
9. Intragroup debentures of $25 000 [=250 x $100]
8% Debentures Liability Dr 25 000
Debentures in Naomi Ltd Cr 25 000
10. Interest on debentures of $2000 [=8% x $25 000]
Interest Revenue Dr 2 000
Interest Expense Cr 2 000
11. Sale of equipment at a loss before tax of $3000
Proceeds on Sale of Equipment
Dr
18 000
Equipment
Dr
3 000
Carrying Amount of Equipment Sold
Cr
Income Tax Expense
Dr
900
Deferred Tax Liability
Cr
12. Under-depreciation on equipment from 1/1/22 of $300 [=$3000 x 20% x ½ year]
Depreciation Expense Dr 300
Accumulated Depreciation – Equipment Cr 300
Deferred Tax Liability Dr 90
Income Tax Expense Cr 90
13. Unrealised profit in opening inventories of $800 [= $7800 – $7000] from prior year sale
of machine reclassified as inventories
Retained earnings (1/7/21) Dr 560
Income tax expense Dr 240
Cost of sales Cr 800
14. Current period sales of $75 000 with unrealised profit of $1250 in ending inventories
Sales Revenue
Dr
75 000
Cost of Sales
Cr
73 750
Inventories
Cr
1 250
Deferred Tax Asset
Dr
375
Income Tax Expense
Cr
375
Explanations
Unrealised profit in ending inventories $2000 [= ($75 000 – $70 000) x 25% still on hand]
CONSOLIDATION WORKSHEET FOR 30 JUNE 2022
Naomi
Ltd
Ashley
Ltd
Adjustments
Dr Cr
Group
Sales revenue
Dividend revenue
Proceeds on sale of
equipment
Proceed on sale of
machinery
Other income
Cost of sales
Depreciation and
other expenses
Carrying amount of
equipment sold
Carrying amount of
machinery sold
Profit before tax
Income tax expense
Profit for the year
Retained earnings
(1/7/21)
Transfer from BCVR
Dividend paid
Dividend declared
Transfer to general
reserve
Retained earnings
(30/6/22)
Share capital
General reserve
BCVR
Total equity
450 000
17 000
18 000

11 400
320 000


38 000

14
7
8
11
10
2
3
5
12
3
11
13
2
3
6
13
6
6
6
6
75 000
5 000
12 000
18 000
2000
1000
250
2 000
300
2 750
900
240
2000
700
81 320
560
2 800
120 000
25 000
27 300
695 000


38 000
30 020
3 620
800
73 750
2 000
21 000
300
900
600
90
375
600
2 800
5 000
12 000
4 200
20 300
2 800
6
13
14
10
11
2
3
5
12
14
2
3
7
8
1
4
6
496 400
375 000
763 020
(210 000)
(39 000)
(21 000)

(192 550)
(36 000)

(30 500)
(328 000)
(76 550)

(33 250)
226 400
(30 000)
115 950
(32 000)
325 220
(60 875)
196 400
51 300

83 950
67 500

264 345
34 820

247 700
(10 000)
(20 000)
(10 000)
151 450
(5 000)
(12 000)
(5 000)
299 165
(10 000)
(20 000)
(15 000)
(40 000)
(22 000)
(45 000)
207 700
200 000
35 000

129 450
120 000
30 000

254 165
200 000
40 000

442 700
279 450
494 165
Naomi
Ltd
Ashley
Ltd
Adjustments
Group
Accounts Payable
Loan payable
Dividend payable
Provisions
Current tax liability
Deferred tax
liability
8% debentures
Total liabilities
Total equity and
liabilities
Cash
Receivables
Inventories
Other current assets
Deferred tax assets
Vehicles
Accumulated
depreciation
Equipment
Accumulated
depreciation
Land
Financial assets
Intangible assets
Accumulated
impairment losses
Shares in Ashley
Ltd
Debentures in
Naomi Ltd
Total assets
69 500
25 000
20 000
12 500
43 000
11 800
25 000
36 000
15 000
12 000
9 300
34 000
5 000

105 500
40 000
20 000
21 800
77 000
26 610

8
2
5
12
9
14
1
11
4
12 000
900
600
90
25 000
375
11 000
3 000
29 000
1 800
8 700
900
12 000
1 250
5 000
3 000
300
2 000
250 000
25 000
1
4
11
8
14
1
2
12
5
6
9
206 800
111 300
290 910
649 500
390 750
785 075
2 500
27 000
39 700
15 200
7 500
88 000
(16 400)


140 000
68 000
28 000

250 000

1 250
13 000
24 500
8 200
3 500
158 000
(60 000)
42 000
(34 500)
180 000
14 800
15 000


25 000
3 750
28 000
62 950
23 400
11 375
241 000
(68 400)
45 000
(34 800)
320 000
82 800
72 000
(2 000)


649 500
390 750
461 085
461 085
785 075

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