The journal entries to eliminate unrealised profit in closing inventory at 30 June 2007 were as follows. 
What are the journal entries to eliminate the unrealised profits in opening inventory the following period?
Definitions:
Perpetual Scholarship
A scholarship grant maintained indefinitely, often funded by an endowment that generates interest to cover its cost.
Compounded Annually
An interest calculation method where the interest is added to the principal at the end of each year, with the total becoming the principal for the next year.
Compounded Annually
A method where interest is calculated once per year and added to the principal sum.
Withdrawals
The act of removing funds from a bank or investment account.
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