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• New NetSuite Prompt Studio Contest
• And more!
Check out this thread to learn more!
Offsetting and elimination methods for borrowing and lending in inter-subsidiary transactions
Offsetting and elimination methods for borrowing and lending in inter-subsidiary transactions
Please explain in detail the method of offsetting and eliminating borrowing and lending in inter-subsidiary transactions.
For example, if Company A makes a loan to Company B, a journal entry will be made for Company A as a loan and for Company B as a borrowing, respectively. These should be offset when preparing the consolidated financial statements because they are not liabilities or assets to external parties of the group as a whole.
How should the elimination journal entry be prepared to offset Company A's loans and Company B's borrowings when preparing the consolidated financial statements?
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