Inter company transaction in account receivable, Accounting Basics

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.

 

Posted Date: 3/30/2013 5:10:32 AM | Location : United States







Related Discussions:- Inter company transaction in account receivable, Assignment Help, Ask Question on Inter company transaction in account receivable, Get Answer, Expert's Help, Inter company transaction in account receivable Discussions

Write discussion on Inter company transaction in account receivable
Your posts are moderated
Related Questions
Q. What do you mean by Net sales? We demonstrate a condensed income statement to emphasize its major divisions. Next, we explain the more complete income statement actually pre

Describe in brief about the Wholesalers They buy goods in bulk from manufacturers and sell them to retailers, other schools, wholesalers and other non-profit institutions, and

As discussing the scope of accounting you should have observed here the accounting involves a sequence of activities connected with each other, starting along with the collecting,

Explain about the RECORDING PURCHASES Source document for recording a purchase of merchandise is purchase invoice. o An instance of a transaction of purchasing merchandise

Q. Example of Periodic inventory procedure? Periodic inventory procedure Merchandising companies selling small unit value merchandise such like nuts and bolts Christmas cards n


Q. What is Estimated useful life? The estimated useful life of an asset is the approximate time that a company can use the asset. Useful life is estimation not an exact measure

AL MASA a sole trader,decided to install a new machine to use


A firm's __________ account is categorized as a current asset. A. equipment B. accounts payable C. bonds payable D. merchandise inventory