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Sir,
A has 2 subsidiaries, X and Y each at 60% holding. Further A has a sub-subsidiary via Y named Z. Y holds 80% in Z.
My question is if X sold some service to Z, do we need to eliminate this transaction
1. When ultimate parent A prepares consolidated FS (transaction between subsidiary and sub-subsidiary).
2. When immediate parent Y prepares consolidated FS (transaction between subsidiary and parent’s subsidiary)
Thank you.
Asked for knowledge purposes, this may not be part of syllabus.
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