Inter company transaction in account receivable, Accounting Basics

Assignment Help:

How to define Inter company Transaction in Account Receivable?

Ans) Intercompany transactions are those transactions that takes place among two or more entities of the similar group of company. So the receivable of one entity would the payable of one another entity. All intercompany transactions are eliminated before preparing the final Balance sheet of the group company.

Related Discussions:- Inter company transaction in account receivable

Ledger, ledger is said to be the principal book entry and the transactions ...

ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account. elaborate on the statement and explain why journal is neces

Bonds issued giving the holder the option of exchanging, Bonds issued givin...

Bonds issued giving the holder the option of exchanging the bonds for capital stock of the corporation are called

What do you understand by deferred income, Q. What do you understand by Def...

Q. What do you understand by Deferred income? Deferred income -- a liability which arises when a company is paid in advance for services orgoods that will be provided later. Fo

Full form of wcc, Full form= Winter compensation from contributions.

Full form= Winter compensation from contributions.

The major difference in the statement of retained earnings, The major diffe...

The major difference in the statement of retained earnings between a service business and a Merchandising business is A. that the retained earnings statement of a merchandisi

Explain what is brs?, BRS - Bank Reconciliation Statement A bank recon...

BRS - Bank Reconciliation Statement A bank reconciliation statement is a declaration organized by organizations to reconcile the balance of cash at bank in a company's own rec

Rosco Company, Rosco Company purchased 35,000 shares of common stock of Pax...

Rosco Company purchased 35,000 shares of common stock of Paxton Corporation as a long term investment for $900,000. During the year, Paxton Corporation reported net income of $300,

Given a net income of $90, Given a net income of $90,000, what is the retur...

Given a net income of $90,000, what is the return on investment for 2000? A. 7.9% B. 22.22% C. 22.78% D. 24.8%

Accounting information, Reliable information is essential before decision m...

Reliable information is essential before decision makers can make a sound decision involving the allocation of scarce resources. Accounting information is precious because decision

Determine in brief about the sales activity, Determine in brief about the S...

Determine in brief about the SALES ACTIVITY Just as merchandizing businesses follow specific procedures to process and record purchases, they follow numerous procedures to proc

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages