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You are currently preparing the consolidated financial statements for your client Shiraz Ltd

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Question;You are currently preparing the consolidated financial statements for your client Shiraz Ltd.Shirax owns all the share capital of Riesling Ltd. The following intra-group transtactions have occured during the financial year ended 30 June 2013:a) During the year ended 30 June 2013, Riesling Ltd. sold $50,000 worth of inventory to Shiraz Ltd. Riesling Ltd recorded a $10,000 profit before tax on these transactions. At 30 June 2013, Shiraz Ltd has one quarter of these good still on hand.

 

Paper#42414 | Written in 18-Jul-2015

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