ACF2100: Chips Ltd Sold Inventory To Fish Ltd On 1 October 2017 For $35,000: Financial Accounting Coursework, DU, Australia

University Deakin University
Subject ACF2100: Financial Accounting

Fish Ltd owns 100% of the shares of Chips Ltd. The following transactions have occurred:

a) Chips Ltd sold inventory to Fish Ltd on 1 October 2017 for $35,000. This inventory had originally cost Chips Ltd $31,000. One-half of the inventory was sold by Fish Ltd to Gravy Ltd for $15,000.

b) On 1 January 2017, Fish Ltd sold inventory, which had originally cost $21,000, to Chips Ltd for $23,400. In July 2017, Chips Ltd sold all inventory to Flake Ltd for $28,000.

c) On 1 July 2016, Fish Ltd sold machinery to Chips Ltd at a transfer price of $62,000. The machinery had been written down to $55,000 at the time of sale. Machinery is depreciated on a straight-line basis at 20% p.a.

d) During 2018, Fish Ltd provides management services to Chips Ltd for $25,000. At 30 June 2018, $3,500 remains unpaid.

e) On 30 June 2018, Chips Ltd declared a dividend of $15,000, while Fish Ltd declared a dividend of $6,500.

Are You Searching Answer of this Question? Request Australian Writers to Write a plagiarism Free Copy for You.

Get Help By Expert

Grab excellent help in accounting assignments by the experts of AustraliaAssignmentHelp.com and stay happy always. Deakin university assignment help has a team of assignment writers that understand student's needs and work hard. Worry no more and ask us for coursework help on  (ACF2100) financial accounting assignment help services at a low price.

Online Exam & Assignment Writing Services

50000+ Orders Delivered

4.9/5
5 Star Rating

Confidential & Secure Assignment Help For

Assessment Answer

Online Exam

Case Study Answers

TAFE & VET Levels

Tutorial Solutions

Summative & Individual

GBA & Reflective

MCQ Quiz & Test Help

Check Recent Assessment Solution

BSBCUS401 Coordinate Implementation of Customer Service Strategies Assessment Answer
Have you been asked to write BSBCUS401 Coordinate implementation of customer service strategies assessment Answer? If your answer is yes, then you will need professional guidance from the Australian essay…
Business
BSBPMG522 Undertake Project Work Assessment Answer
With the changing trend of the industry, the scope of project management has increased a lot. Students from various countries are coming to Australia to pursue the BSBPMG522 Courses. In…
Business

UP TO 50 % DISCOUNT

Instant Paper Writing Services by Native Australian Writers

Plagiarism Free Solutions
100% Original Work
24*7 Online Assistance
Native PhD Experts
Hire a Writer Now

Get help with Homework Assignments, Papers, and Projects