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Name: Subject: Corporate Accounting Q) On 1 July 2016 Liala Ltd sold an item
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Description: Subject: Corporate Accounting Q) On 1 July 2016 Liala Ltd sold an item of plant to Jordan Ltd for $450000 when its’ carrying value in Liala Ltd book was $600000 (costs $900000, accumulated depreciation $300000). This plant has a remaining useful life

Business

Accounting

Required: Pass the necessary entries on 30 June 2017 and 30 June 2018 to eliminate the intra-group transfer of equipment.

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter14: Property Transactions: Capital Gains And Losses, § 1231, And Recapture Provisions

Section: Chapter Questions

Problem 75P

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b) On 1 July 2016, Liala ltd sold an item of plant to Jordan Ltd Ltd for $150,000 when its carrying valuein Liala Ltd book was $200,000 (costs $300,000, accumulated depreciation $100,000). This planthas a remaining useful life of five (5) years form the date of sale. The group measures its propertyplants and equipment using a costs model. Tax rate is 30 percent.Required:Prepare the necessary journal entries in 30 June 2017 to eliminate the intra-group transfer ofequipment.
) On 1 July 2016 Liala Ltd sold an item of plant to Jordan Ltd for $450000 when its’ carrying value in Liala Ltd book was $600000 (costs $900000, accumulated depreciation $300000). This plant has a remaining useful life of five (5) years form the date of sale. The group measures its property plants and equipment using a costs model. Tax rate is 30 percent. Please answer the below :1: Pass the necessary entries on 30 June 2017 and 30 June 2018 to eliminate the intra-group transfer of equipment.
On 1 July 2016, Liala ltd sold an item of plant to Jordan Ltd Ltd for $150,000 when its carrying value in Liala Ltd book was $200,000 (costs $300,000, accumulated depreciation $100,000). This plant has a remaining useful life of five (5) years form the date of sale. The group measures its property plants and equipment using a costs model. Tax rate is 30 percent. Required: Prepare the necessary journal entries in 30 June 2017 to eliminate the intra-group transfer of equipment.
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I want to know the full solution of following question. On 1 July 2016 Liala Ltd sold an item of plant to Jordan Ltd for $450000 when its’ carrying value in Liala Ltd bookwas $600000 (costs $900000, accumulated depreciation $300000). This plant has a remaining useful life of five (5)years form the date of sale. The group measures its property plants and equipment using a costs model. Tax rateis 30 percent.Required:Pass the necessary entries on 30 June 2017 and 30 June 2018 to eliminate the intra-grouptransfer of equipment.
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