Eliminating transaction for con.balance sheet
This query is : Resolved
13 January 2020
Can you guide me what is the accounting entry for 1)Parent to a subsidiary sales, purchase, loan 2)subsidiary to parent sales, purchase, loan. What should be accounting entry if the parent provides part of margin money to obtain a bank loan, is margin money should be treated as a loan to subsidiary by parent and vice a Versa?
15 January 2020
same principles of double entry
Sales from parent company to Subsidiary
Entry in the books of Parent........ debit Subsidiary Co. and credit Sales
Entry in the books of subsidiary company....... Debit Purchase and Credit Parent Company
and so on so forth
Sales from parent company to Subsidiary
Entry in the books of Parent........ debit Subsidiary Co. and credit Sales
Entry in the books of subsidiary company....... Debit Purchase and Credit Parent Company
and so on so forth
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