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Acct6005 Company Accounting- Parent Company Assessment Answer

Task

Prepare a video presentation to address each of the following questions. You will be assessed on your technical understanding of each question and also your presentation skills. Please refer to the marking rubric which details the assessment criteria for the communication and presentation skills. Please note:
 
Headphones must not be worn during the video and will attract an automatic zero mark.
 
Your face must be visible at all times during the presentation.
 
Marks will not be awarded if you read directly from your notes.
 
Please introduce yourself and show your photographic ID at the start of the presentation

Speak slowly and clearly to address each of the following:

Issue 1

Our Subsidiary company often sells inventory to the Parent company at a profit. I do not understand why we sometimes reduce the inventory account but at other times we credit and reduce Cost of Goods sold account. What is the reason for both? Please discuss using specific worksheet entries or account names in your explanation, including tax effects.

Issue 2

If our Subsidiary company sells inventory to the Parent company in the prior year, can I assume the worksheet adjustments are the same as in Issue 1 above? Explain any differences required in the entries for prior year compared to current year. Please discuss using specific worksheet entries or account names in your explanation, including tax effects.

Issue 3

If our Parent company sells inventory during the current year to the Subsidiary company and it sells 100% of this inventory to an external party by financial year end (30 June), am I correct in saying we do not need to make an entry for this intra-group transaction? Please discuss using specific worksheet entries or account names in your explanation.


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