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Ann Ltd acquired all of the share capital of Nelly Ltd. Prepare the consolidation worksheet… 1 answer below » Ann Ltd acquired all of the share capital of Nelly Ltd. Prepare the consolidation worksheet adjustment entry for the following intra-group transaction:- Assume that the consolidation process is being undertaken at 30 June 2008, and that an income tax rate of 30% applies. 1) On 1 July 2007, Ann Ltd sold a motor vehicle to Nelly Ltd for $10,000. This had a carrying amount to Ann Ltd of $7,000. Both entities depreciate motor vehicles at a rate of 10% p.a. on cost. Jul 28 2015 12:07 PM