Advanced financial accounting - Lecture 39 (Part 1)
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Advanced Financial
Accounting
Lecture-39
Journal Entries
Parent Company
Debtor subsidiary Co A/c 700
Sales A/c
700
Subsidiary Company
Purchases
Creditor P Co.
700
700
Parent Co.
Balance-sheet
Assets
Amount
Current Assets
Debtors S Co.
700
Subsidiary Co.
Balance-sheet
Liabilities
Amount
Current Liabilities
700
Creditors P Co.
Journal Entries
Parent Company
Debtor subsidiary Co A/c 700
Sales A/c
700
Subsidiary Company
Purchases
Creditor P Co.
700
700
Intra Goods in Trading
1.
2.
Goods in transit
Cash in transit
Parent Co.
At Invoice
Debtors S Co. 200
Sales Income 200
Parent Co.
Balance-sheet
Assets
Amount
Current Assets
Receivables
700
Subsidiary Co.
Balance-sheet
Liabilities
Amount
Current Liabilities
500
Creditors P Co.
Subsidiary Co.
Checque to Parent Co.
Creditor P & Co. 200
Bank
200
Parent Co.
Balance-sheet
Assets
Amount
Current Assets
Revenue from
subsidiary Co.
against sales
700
Subsidiary Co.
Balance-sheet
Liabilities
Amount
Current Liabilities
500
Payable to the parent
Co. against purchases
Consolidate Balance-sheet
Liabilities
Amount
Current Liabilities
Goods /Cash in
transit
200
Group
P Co.
Purchase
Purchase 400
Sales
500
100
S Co.
Purchase 500
Sales
350
150
