Consolidate Journal Entries (CJE)

Debit Credit
1. Fair Values Adjustment

Land 100
Asset Revaluation Reserve 100

2. Eliminate Cost Of Investment, Ordinary Share & Pre-reserve

Ordinary Share 200x75% 150

Asset Revaluation Reserve 100x75% 75
Good Will 40
Profit and Loss 15
Cost Of Investment 250

3. Eliminate URP- Sold

URP- Profit and Loss 10

Closing Stock 10

4. Eliminate URP- Plant & Machinery

Plant 10
URP 10
Accumulated Depreciation 20

5. Adjustment For Over Depreciation(2004)

Accumulated Depreciation 1
Depreciation – Profit and Loss 1

6. Adjustment For Over Depreciation(2005)

Accumulated Depreciation 0.9

Depreciation – Profit and Loss 0.9
7. Eliminate Intra-Group(current account)

Current Account-Spunky 11
Cash In Transit 1
Current Account-Candy 12

8. Eliminate Intra-Group Dividend

Dividend Payable 9.6

Dividend Receivable 9.6

9. Record minority, Ordinary Share and Reserve

Ordinary Share 200x25% 50

Accumulated Profit (70-10+1.9)X25% 15.5
Asset Revaluation Reserve 100x25% 25
Minority Interest-CBS 90.5