In March 2020, Aladdin Ltd sold inventories for $10 000 to Zara
Ltd, an external entity. These inventories were transferred from
Genie Ltd on 1 June 2019. The inventories had originally cost Genie
Ltd $6000, and were sold to Aladdin Ltd for $12
000.
(2 marks)
Required
In relation to the above intragroup transactions, prepare
adjusting journal entries for the consolidation worksheet at 30
June 2020. Only the adjusting entries need be shown.